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The price of Ethereum failed to recover over the resistance of $ 200.00 and has recently declined. ETH / USD is currently exposed to the risk of further declines below the low $ 195.16.
- The price of Ethereum failed to gain ground above the $ 199.00-200.00 area.
- ETH / USD is following a bearish trend line with resistance at $ 197.60 on the 30-minute chart.
- The price could continue to fall if it can not overcome the resistance from $ 198.00 and $ 199.00.
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Price analysis of Ethereum
After trading at $ 195.16, the price of Ethereum corrected some points. The price was trading above $ 196.00 and $ 198.00 levels, but the sellers took a stand near the $ 199.00 level.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair failed to test the resistance of $ 200.00 and reached a maximum of $ 199.00. During the recovery, there was a break above the Fib retracement level of 23.6% from the recent decline from the low of $ 205.26 to $ 195.16 at the bottom.
However, buyers have struggled to push the price above the $ 199.00 level, resulting in a new decline. The price fell below $ 198.00 and a bullish uptrend line on the same chart.
At the moment, the price is consolidating above the $ 197.00 level and the 25 simple (30 minute) moving average. On the upside, there is a bearish trend line in place with resistance at $ 197.60.
If there is a break above the trend line, the price could test the subsequent resistance at $ 200.24 and the Fibre 50% retracement level of the recent decline from $ 205.26 top to $ 195.16 below.
On the other hand, if the price can not cancel the trend line, it may fall below the average of 25 simple (30 minutes) to retest the $ 195.16 minimum. In the case cited, there is a risk of more losses under the minimum of $ 195.16.
The next major support under $ 195.16 is close to the $ 190.00 level, which could stop the current decline. Overall, the current price action is bearish and it seems that the price of Ethereum may continue to slide towards $ 190.00 in the short term.
Market data is provided by TradingView, Bitfinex.
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