Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Highlights
- ETH price declined further and traded below the $205 and $200 support levels against the US Dollar.
- There was a break below a major bullish trend line with support at $204 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently struggling below the $206 resistance and the 100 hourly simple moving average.
Ethereum price is back in a bearish zone against the US Dollar and bitcoin. ETH/USD may continue to move down towards the $196 and $190 supports.
Ethereum Price Analysis
Recently, ETH price struggled to gain momentum above the $206 and $208 levels against the US Dollar. The ETH/USD pair started a fresh downside move and traded below the $206 and $205 support levels. During the decline, there was a break below the 61.8% Fib retracement level of the last wave from the $189 low to $220 high. Besides, the price traded below the $200 support and the 100 hourly simple moving average.
More importantly, there was a break below a major bullish trend line with support at $204 on the hourly chart of ETH/USD. The pair tested the 76.4% Fib retracement level of the last wave from the $189 low to $220 high. It tested the $196-197 zone and recovered a few points. However, there are many hurdles on the upside near the $202 level and the 100 hourly SMA. If the price breaks the 100 hourly SMA, it could face sellers near the $205-206 zone. To move into a bullish zone, the price needs to climb above the $206 level in the near term.
Looking at the chart, ETH price is currently under a lot of pressure below $202 and the 100 hourly SMA. If there is a fresh decline, the price may break the $196 low to trade towards the $190 level.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is currently well below the 50 level.
Major Support Level – $196
Major Resistance Level – $206
