The price of Ethereum tested the resistance of $ 225.00 and subsequently corrected lower. The ETH / USD could perhaps correct towards the $ 214.00 level, which is an important support zone.
- The price of Ethereum traded further towards $ 225.00 before correcting the decline.
- ETH / USD broke an upward curve pattern with support for $ 221.00 on the 30-minute chart.
- The price can continue to correct lower towards the support of $ 214.00 or $ 215.00.
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Price analysis of Ethereum
Yesterday we discussed the fact that the price of Ethereum is likely to revise the area for $ 219.00-220.00. The price gained pace, traded above the $ 220.00 zone, and reached a new weekly high near the $ 225.00 level.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair remained in a positive zone and exceeded the resistance levels of $ 220.00 and $ 222.00. A new weekly maximum was formed at $ 225.07 before the price started a short-term correction.
The sellers pushed the price below the $ 222.00 support and the Fib retracement level to 23.6% of the last wave from the low of $ 207.83 to that of $ 225.07. Furthermore, there was a break below an ascending curve model with support for $ 221.00 on the same chart.
At the moment, the price is trading below $ 220.00 and the average moving at 25 simple (30 minutes). If sellers remain in action, there are possibilities for additional slides towards the support area of $ 214.00-215.00.
In addition, the Fib retracement level of 61.8% of the last wave from the low of $ 207.83 to that of $ 225.07 is close to $ 214.40 to provide support if the price continues to fall from current levels. Any further decline below $ 214.00 could push the price to the support area of $ 208.00 in the next sessions.
On the other hand, if the support area of $ 214.00-215.00 holds the current drop, the price may bounce back. An initial upward resistance is $ 222.00, above which the price could revisit the swing swing of $ 225.00.
Therefore, in the short term there may be a 'downward extension' to $ 214.00, but buyers are likely to avoid the most important slides by considering the current price action and technical structure.
Market data is provided by TradingView, Bitfinex.