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The price of Ethereum failed to exceed the resistance of $ 215.00 and decreased. ETH / USD is currently struggling to maintain important support near the $ 209.00 level.
- The price of Ethereum remained below the resistance area of $ 214.00-215.00 and decreased.
- The ETH / USD is still below an important bearish trend line with resistance to $ 213.00 on the 30-minute chart.
- The price could collapse if there is a closing below $ 209.00 and $ 208.00.
Price analysis of Ethereum
Yesterday we discussed a possible move upward in the price of Ethereum above $ 213.00 and $ 215.00 resistance levels. However, buyers failed to gain momentum above the resistance of $ 213.00, resulting in a new bearish reaction.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair has recently declined and repeated significant support again at $ 209.00. During the decline, there was a break under the support of $ 210.00 and the average moving at 25 simple (30 minutes).
The price tested the support area of $ 209.00 and the Fib retracement level of 61.8% of the recent rebound from the low of $ 206.28 to that of $ 215.00. Subsequently, the price began to consolidate losses above the support of $ 209.00.
On the upside, an immediate resistance is close to the $ 212.00 level, above which the price could retest the $ 213.00 hurdle. Also, there is a bearish trend line with resistance at $ 213.00 on the same chart.
Above the trendline, breakout resistance is $ 215.00. If the price falls above breakout resistance, there may be a decent rally above the $ 220.00 level.
Conversely, if the price fails to recover above $ 213.00 and $ 215.00, it may slip further. Most likely a successful close under the support of $ 209.00 will increase the pressure on Ethereum. The next major support is $ 206.00 and an intermediate support is the Fib retracement level 76.4% of the recent rebound from the low of $ 206.28 to $ 215.00 high to $ 208.32.
Therefore, buyers of Ethereum must closely monitor the $ 209.00 support. As long as there is a closing down below $ 209.00, there are chances of a decent return above the $ 212.00 and $ 213.00 levels.
Market data is provided by TradingView, Bitfinex.
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