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The price of Ethereum failed to remain above the support of $ 203.00 and decreased dramatically. ETH / USD was trading at $ 195.15 and is currently attempting a recovery.
- The price of Ethereum broke an important support near the $ 202.80 level.
- ETH / USD was trading below an uptrend line with support for $ 204.50 on the 30-minute chart.
- The price is currently recovering, but increases are likely to be limited by $ 200.45 or $ 201.71.
Price analysis of Ethereum
The buyers failed to push the price of Ethereum above the resistance area of $ 205.80, which translated into a bearish move. The price has dropped dramatically and has eliminated some key supports such as $ 204.00, $ 202.80 and $ 200.80.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair fell heavily below the $ 200.00 level and moved towards the $ 195.00 level. The price was trading at $ 195.16 and then started a slight upward correction.
Recently it has moved above the Fib retracement level of 23.6% of the downward movement from $ 205.76 up to $ 195.15 at the bottom. In addition, the price rose above a short-term contractual triangle with a resistance of $ 197.50 and a moving average of 25 simple (30 minutes).
The current price action is positive above the $ 196.00 level, but potentials are likely to meet many sellers. An initial resistance is close to the $ 200.00 level, above which the next barrier is the 50% fiber retracement level of the downward movement from $ 205.76 up to $ 195.15 lower down $ 200.45.
If the price manages to exceed $ 200.45, you may visit the broken support (now the resistance) for $ 202.80. An intermediate resistance is $ 201.71 and the 61.8% Fib retracement level of the negative side moves from $ 205.76 up to $ 195.15 below.
Therefore, the price is likely to force close to the levels of $ 200.00, $ 200.45 and $ 201.71 in the short term. On the downside, ETH / USD can find support around the $ 197.00 level and the 25 simple (30 minute) moving average.
Under $ 197.00, there is the risk of further losses towards the $ 195.00 and $ 192.00 levels. The main downside support under $ 192.00 is at $ 186.00.
Market data is provided by TradingView, Bitfinex.
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