Ethereum Price (ETH) Correcting Losses: $225 Presents Key Resistance

Aayush Jindal

1 year ago

2 mins read

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ETH price traded to a new monthly low near $190 and later corrected lower against the US Dollar.
The price corrected above the $200 resistance level, but upsides could face hurdles near $220 and $225.
There is a crucial bearish trend line forming with resistance near $218 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could struggle to gain momentum above the $218, $220 and $225 resistance levels.

Ethereum price is currently correcting losses above $200 versus the US Dollar, similar to bitcoin. ETH price might start a fresh decrease if it fails to continue higher above $225.

Ethereum Price Analysis

Yesterday, we saw a sharp decline in bitcoin and Ethereum price against the US Dollar. ETH/USD even broke the key $200 support level and traded to a new monthly low. A swing low was formed near $190 and recently the price started an upside correction. It broke the $200 resistance to start a decent recovery. Moreover, there was a break above the $210 resistance plus the 50% Fib retracement level of the last decline from the $235 high to $190 low.

However, the price faced a strong resistance near the $218 and $220 levels. Moreover, there is a crucial bearish trend line forming with resistance near $218 on the hourly chart of ETH/USD. It seems like the pair struggled near the 61.8% Fib retracement level of the last decline from the $235 high to $190 low. Above the trend line, the next important resistance is near the $225 level.

The 100 hourly simple moving average is positioned near the $225 level to act as a strong resistance. The final hurdle for the bulls is near the $235 resistance and another bearish trend line. Therefore, the bulls are likely to face a lot of hurdles, starting with $218 and up to $235. Only a successful close above $235 might decrease bearish pressure and push the price towards $250.

On the other hand, if the price fails to climb above $220 or $225, it is likely to restart its decline. An immediate support is near the $210 level, below which the price may perhaps revisit the $200 handle.

Looking at the chart, Ethereum price is showing a few positive signs above the $210 level. Having said that, it must clear the $220 and $225 resistance levels to continue higher. If not, it could decline back towards $200 or the $190 low.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD might move back into the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 level, with a bullish angle.

Major Support Level – $210

Major Resistance Level – $220

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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