• 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
Ethereum
Nexo Logo

Ethereum at Risk of a Larger Decline To $175: Here’s Why

Aayush Jindal by Aayush Jindal
2 years ago
in Ethereum, Technical analysis
Reading Time: 2 mins read
Advertisement

Ethereum is down more than 10% and it broke the key $200 support against the US Dollar. Bitcoin’s decline is increasing pressure on ETH and it could decline further to $175.

  • ETH price is gaining bearish momentum and it broke the key $200 support zone against the US Dollar.
  • It is now trading below $192 and the 100 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $205 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower towards the next major support at $175 or $165.

Ethereum Price Turns Red

This past week, Ethereum made a couple of attempts to gain bullish momentum above the $210 resistance area against the US Dollar, but it failed. ETH price formed a local top near the $215 level and started a strong decline.

The recent decline in bitcoin below the $9,000 support sparked heavy bearish moves in Ether. It broke the main $202 and $200 support levels to move into a bearish zone.

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

More importantly, there was a break below a key bullish trend line with support near $205 on the 4-hours chart of ETH/USD. The pair even settled below the $192 support and the 100 simple moving average (4-hours).

Ethereum Price
Ethereum Price

It is now trading below the 50% Fib retracement level of the upward move from the $146 swing low to $227 swing high. The current price action suggests that Ethereum might continue to move down below the $180 level.

The first key support is seen near the $175 level. It represents the previous breakout zone and coincides with the 61.8% Fib retracement level of the upward move from the $146 swing low to $227 swing high.

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

Any further losses may perhaps open the doors for a larger decline towards the $165 and $162 support levels in the near term.

Upsides Capped

If Ethereum starts an upside correction, an immediate resistance is near the $192 level. The first major resistance for buyers is seen near the $200 zone (the recent breakdown zone).

The 100 simple moving average (4-hours) is also near the $200 level to act as crucial hurdle. A successful close above the $200 level and the 100 SMA is needed to start a fresh uptrend.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

4 hours RSI – The RSI for ETH/USD is currently near the oversold zone at 26.

Major Support Level – $175

Major Resistance Level – $200

Tags: ethereumethusd
Tweet123Share207ShareSend
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

Bitcoin

TA: Bitcoin Dips Further, Why BTC Could Revisit $20K

30 mins ago
Ethereum

Ethereum Fees Touch Monthly Lows As Transaction Volumes Plummet

5 hours ago
bitcoin bollinger bands

Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

6 hours ago
Ethereum

TA: Ethereum Bulls In Control, Why ETH Could Clear $1,300

22 hours ago
Bitcoin

TA: Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key

1 day ago
Uniswap

Uniswap Slingshots 45% – Can UNI Blaze Past Its 7-Day Rally?

1 day 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

Have These Coins Cardano (ADA), Solana (SOL), and FIREPIN Token (FRPN) Become The Pillars Of The Crypto Space?

June 27, 2022

Torches Finance, The Top Lending Protocol has Launched on KCC, Genesis NFT Free Mint is Coming Soon

June 27, 2022

DogeSQ Token Presale Will Live on 28th June, 2022. 6:00 AM UTC

June 27, 2022

XT.com Lists Tales of Xtalnia (XTAL) With USDT Trading Pair

June 27, 2022

Find Out How Gnox (GNOX) Is Planning To Take On Fantom (FTM) And Avalanche (AVAX)

June 27, 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.