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Key Highlights
- ETH price declined heavily and traded as low as $184.5 against the US Dollar.
- There are two important bearish trend lines in place with resistance at $208 and $218 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair may correct higher, but there are many hurdles near $207 and $212 on the upside.
Ethereum price is facing many barriers versus the US Dollar and Bitcoin. ETH/USD remains at a risk of more losses as long as it is below $212.
Ethereum Price Analysis
This past week, there was a sharp downside move from the $234 resistance zone in ETH price against the US Dollar. The ETH/USD pair tumbled and broke the $206 and $200 support levels. It tested the $184-185 support and formed a low at $184.5. The price later started an upside correction above $190, but it is still way below the 100 simple moving average (4-hours).
It has moved above the 23.6% Fib retracement level of the last decline from the $230 high to $184 low. However, there are many resistances on the upside near the $206, $207, $208 and $212 levels. There are also two important bearish trend lines in place with resistance at $208 and $218 on the 4-hours chart of ETH/USD. Below the first trend line, the 50% Fib retracement level of the last decline from the $230 high to $184 low is at $207. Around the trend line and the $207 resistance, the 100 SMA is also positioned. Therefore, it won’t be easy for buyers to clear the $207 resistance and the 100 SMA.
The above chart indicates that ETH price is facing a lot of hurdles on the upside below $212. A proper close above $207 and $212 may push the price back in a positive zone. On the downside, the $190 and $184 levels are decent supports.
4-hours MACD – The MACD is slowly moving in the bullish zone.
4-hours RSI – The RSI is currently near the 40 level.
Major Support Level – $190
Major Resistance Level – $207
