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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
technical analysis ethereum

Ethereum Price (ETH) Remains At Risk Of More Downsides Below $215

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • ETH price struggled to climb higher and declined below the key $224 support against the US Dollar.
  • Ethereum price is currently trading in a bearish zone and it even tested the $215 support area.
  • There is a major declining channel forming with resistance near $221 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to face a strong resistance near the $220 and $222 levels in the near term.

Ethereum price is trading with a bearish angle versus the US Dollar and bitcoin. ETH price might continue to decline unless it climbs back above the $222 pivot level.

Ethereum Price Analysis

In the past two days, ETH price faced an increase in selling interest from $230 against the US Dollar. There was a steady decline below the $225 support level. Moreover, Ethereum price even broke the key $222 support level and settled below the 100 hourly simple moving average. On the other hand, bitcoin price mostly traded with a positive bias, but it seems to be struggling near the $12,000 resistance.

The recent decline in Ether’s price was such that the price even broke the $220 support. A new weekly swing low was formed near $214 and the price is currently correcting higher. It traded above the $218 level plus the 23.6% Fib retracement level of the recent drop from the $226 high to $214 swing low. However, the upward move was capped by the previous support at $220.

Moreover, Ethereum price failed to surpass the 50% Fib retracement level of the recent drop from the $226 high to $214 swing low. More importantly, there is a major declining channel forming with resistance near $221 on the hourly chart of ETH/USD. Therefore, the pair is facing a strong resistance near the $220, $221 and $222 levels. To start a fresh increase, the price has to surpass the $222 resistance.

On the downside, an initial support is near the $215 level. If there is a downside break below the $215 support, the price could accelerate towards the $210 support. The next major support is near the $202 level, where the bulls may take a stand.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is facing an uphill task near the $220 and $222 resistance levels. Moreover, bitcoin’s resilience is putting a lot of pressure on ETH below $230. Therefore, the bulls need to gain strength above $222 to revisit the key $230 resistance.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly climbing into the bullish zone.

Hourly RSI – The RSI for ETH/USD is moving lower towards the 30 level.

Major Support Level – $215

Major Resistance Level – $222

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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