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technical analysis ethereum

Ethereum Price Analysis: ETH/USD Extends Losses, $200 Holds Key

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • ETH price declined further and broke the important $206 support against the US Dollar.
  • This week’s followed key bearish trend line is still in place with resistance at $208 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is under pressure below $208 and $206, which could result in more losses in the near term.

Ethereum price extended losses against the US Dollar and bitcoin. ETH/USD could continue to move down towards the $200 or $198 support level.

Ethereum Price Analysis

During the past three sessions, there were bearish moves in ETH price below the $210 resistance against the US Dollar. The ETH/USD pair failed to recover and broke the important $206 support to move into a bearish zone. Sellers took control and pushed the price below the $204 level. The price traded as low as $202 and it is currently well below the 100 hourly simple moving average.

At the moment, the price is consolidating losses above $202. An initial resistance is the 23.6% Fib retracement level of the recent slide from the $210 high to $202 low. However, the most important resistance is near the $206 level, which was a support earlier. More importantly, this week’s followed key bearish trend line is still in place with resistance at $208 on the hourly chart of ETH/USD. Below the trend line, the 50% Fib retracement level of the recent slide from the $210 high to $202 low is positioned at $206.50. Therefore, if the price corrects higher, it is likely to face a solid selling interest near the $206-208 resistance zone.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is under pressure below $206. If there is a downside break below $22, the price may even test the $200 handle. The next support below $200 is near the $198 level.

Hourly MACD – The MACD could move into the bullish zone in the short term.

Hourly RSI – The RSI is currently well below the 50 level.

Major Support Level – $200

Major Resistance Level – $208

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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