• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
technical analysis ethereum
Nexo Logo

Ethereum Price (ETH) Turns Bearish Below $220, Bitcoin Breaks $10.5K

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2 mins read
Advertisement
  • ETH price failed to continue higher above the $230 and $240 resistance levels against the US Dollar.
  • The price started a fresh decrease and broke the key $220 and $218 support levels.
  • Yesterday’s highlighted breakout pattern was breached with support near $222 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now trading below the $220 support and it might decline further towards the $207 support.

Ethereum price is struggling to gain bullish momentum versus the US Dollar and bitcoin. ETH price remains at a risk of more loses unless it settles above $220 and $224.

Ethereum Price Analysis

After trading towards the $240 level, Ethereum price started a downside correction against the US Dollar. The ETH/USD pair traded below the $230 and $225 support levels. Recently, it consolidated above the $220 support level and near the 100 hourly simple moving average. The price made an attempt to climb back above $230, but the bulls failed to gain momentum.

As a result, there was a downside break below the $220 support level. The price even settled below $220 and the 100 hourly SMA. Moreover, it declined towards the $210 level and a swing low was formed at $211. At the outset, the price is correcting higher towards the $218 and $220 resistances. It broke the 23.6% Fib retracement level of the recent decline from the $228 high to $211 low.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

However, the upward move might face a strong resistance near the $220 level. Additionally, the 50% Fib retracement level of the recent decline from the $228 high to $211 low is also near the $220 level to act as a resistance. The main resistance is near the $224 level and the 100 hourly SMA. Therefore, a successful close above $224 is needed for a fresh increase.

On the other hand, if the price fails to break the $218 or $220 resistance, it could continue to decline. An initial support is near the $212 level, below which there is a risk of more losses below $210. The next important support on the downside is near the $207 level.

Ethereum Price Analysis ETH Chart

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Looking at the chart, Ethereum price is trading below a major support near $220. Therefore, there is a risk of more losses below $215 and $211 in the coming sessions. To recover, the price must surpass the $220 and $224 resistance levels in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is struggling to gain pace in the bullish zone, with negative signs.

Hourly RSI – The RSI for ETH/USD is currently moving higher towards the 50 level, with a minor bullish angle.

Major Support Level – $211

Major Resistance Level – $224

Tags: ETHethereum
Tweet123Share246ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Ethereum

TA: Ethereum Trims Gains, Why ETH Remains At Risk Below $1,100

2 days ago
Bitcoin

TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

2 days ago
Ethereum

TA: Ethereum Key Indicators Suggest A Sharp Drop Below $1K

3 days ago
Bitcoin

TA: Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up

3 days ago
Bitcoin bear

Holding Back The Bears: Why Bitcoin Must Break $22,500

3 days ago
Ethereum

TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2K

4 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Don’t Miss Out On Experts’ Top Crypto Picks! Gnox (GNOX), Algorand (ALGO) And VeChain (VET) Set To Lead Bullish Market

July 2, 2022

LBank Exchange Will List DEBT on July 5, 2022

July 2, 2022

LBank Exchange Will List Metavie Token (METAVIE) on July 5, 2022

July 2, 2022

Holon (HLN) Is Now Available for Trading on LBank Exchange

July 2, 2022

LBank Exchange Will List METAFASTEST (METAF) on July 1, 2022

July 2, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.