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Key points
- The ETH price failed to recover and recently fell below the $ 214 support against the US dollar.
- There is a key decline channel in place with resistance to $ 212 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair is currently under pressure and may decline to the $ 206 support area.
The price of Ethereum decreased further than the US dollar and bitcoin. ETH / USD is slowly declining towards a significant support area close to $ 206.
Price analysis of Ethereum
During the last sessions, there was a slow and steady decline below the support of $ 216 in the ETH price compared to the US dollar. The ETH / USD pair failed to recover and also moved below the $ 212 support area and the 100-hour simple moving average. The decline was such that the price broke the Fib retracement level 61.8% of the recent wave from the low of $ 204 to $ 223 swing.
At the moment, the price is trading near the $ 210 level at a bearish angle. More importantly, there is a declining key channel with resistance at $ 212 on the ETH / USD time chart. The pair could perhaps continue to slide towards the $ 206 support in the short term. On the upside, channel resistance near $ 212 is important along with 100-hour SMA. The next resistance is the 23.6% retracement level of the recent decline from the low of $ 223 to $ 210 low. An appropriate closure above the $ 212-213 zone is needed to allow buyers to take control. Otherwise, there is the risk of further declines towards $ 206 or $ 204.
Looking at the chart, the ETH price is facing an uphill task near the $ 212-213 zone. Above $ 213, the next resistance is Fibra's 50% retracement level of the recent decline from $ 223 high to $ 210 down to $ 217.
MACD time – The MACD is positioned in the bearish zone.
RSI timetable – The RSI is currently below level 50.
Main support level: $ 206
Main resistance level: $ 213
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