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Key Highlights
- ETH price remained under heavy pressure and moved below the $205 support against the US Dollar.
- There is a monster bearish trend line with resistance at $205 forming on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair is likely to decline further and test the $150 support zone in the near term.
Ethereum price is following a declining path against the US Dollar and Bitcoin. ETH/USD might continue to move down and test $150.
Ethereum Price Resistance
There was a major increase in the bearish pressure for ETH price as it failed to hold the $205 support against the US Dollar. The price extended its decline from the $317 swing high and traded towards $175 first, and then recoveries were sold. Recently, the price corrected higher from the 1.236 Fib extension of the last wave from the $202 low to $317 high. It moved towards $218 where it faced sellers and resumed its downtrend.
The price is now trading below the $205 and $180 support levels. So, there is a high chance of it testing the $150-140 support zone. The 1.618 Fib extension of the last wave from the $202 low to $317 high is at $130.95, which may act as a strong support. Therefore, if the price continues to move down, the most important bid zone is around $130.
On the upside, we can keep monitoring the $205 resistance. There is also a monster bearish trend line with resistance at $205 forming on the 4-hours chart of ETH/USD. If there is a recovery attempt from the current or lower levels, sellers might take a stand near $190-205. Above the trend line, the price could move back in the bullish zone for a run towards $235.
4-hours MACD – The MACD is strongly placed in the bearish zone.
4-hours RSI – The RSI is heading lower towards the 30 level.
Major Support Level – $150.00
Major Resistance Level – $205.00
Charts courtesy – SimpleFX
