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Home Technical analysis

Ethereum Price Technical Analysis – ETH/USD Sellers are Back?

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis, Cryptocurrency news
Reading Time: 2min read
Ethereum Price Technical Analysis ETH USD
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Key Highlights

  • ETH price struggled to close above the $220 resistance against the US Dollar and moved down.
  • There is a new contracting triangle pattern forming with support at $194.00 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is currently below the $200 level and the 100 hourly simple moving average.

Ethereum price is struggling again against the US Dollar and Bitcoin, and ETH/USD is just holding a major support area near $194-192.

Ethereum Price Resistance

Yesterday, there was a decent recovery in ETH price above $210 against the US Dollar. The price traded higher and tested the $223-225 resistance zone where sellers appeared. As a result, the price failed to gain pace above $223, and a short-term high was formed at $223.73. The price started correcting lower, and moved below $210 and the 100 hourly simple moving average. It traded lower and even managed to move below the $200 support zone.

At the moment, the price is trading just around the $195 level. There is a new contracting triangle pattern forming with support at $194.00 on the hourly chart of ETH/USD. The triangle support is at $194-193. It must hold the downside move or the price could trade back towards $180. On the upside, an initial resistance is near $206 and the 100 hourly simple moving average. The $206 level also coincides with the 50% Fib retracement level of the last decline from the $223 high to $188 low.

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Ethereum Price Technical Analysis ETH USD

If there is a close above $210 and the 100 hourly simple moving average, the price may test the triangle resistance at $215. It looks like we may see a breakout of the triangle either above $215 or below $190 in the coming sessions.

Hourly MACD – The MACD is now back in the bearish zone.

Hourly RSI – The RSI is currently below the 45 level.

Major Support Level – $190

Major Resistance Level – $215

 

Charts courtesy – SimpleFX

Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdOpinionpricetrading
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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.

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