Ether's price traded to new weekly lows against the US dollar and bitcoin. The ETH / USD must support the support of $ 215.00 to recover in the next sessions.
The price of Ether fell below the support of $ 220.00 compared to the US dollar.
ETH / USD trades near a significant support area at $ 215.00-218.00 on the 6-hour chart.
ETH / BTC failed to break the 0.0350BTC resistor and declined recently.
Technically, the 2-hour chart indicators are accelerating downward into the bearish territory.
Price analysis of the ether
After a long struggle to overcome resistance levels of $ 230.00 and $ 235.00, ETH / USD reacted to the downside. The couple refused and broke a couple of key holders close to $ 222.00 and $ 220.00.
ETH / BTC also struggled to gain bullish momentum above 0.0350BTC. The pair moved below 0.0340BTC and could test the next major support at 0.0320BTC in the short term.
Starting from the 6-hour chart of Eth / USD, the pair failed to overcome the previous major support turned into resistance at $ 235.00. During the last few sessions, there was a slow and steady decline from the low of $ 238.59, and the price surpassed the $ 220.00 support.
There was also a break below the Fibonacci retracement level of 38.2 percent of the uptrend from the low of $ 192.51 to $ 238.59. Currently, the price of Ether is trying to close under two crucial trustline trendlines at $ 215.00.
If sellers are able to push the price below $ 215.00, there may be more losses towards the $ 200.00 rotation level. At the top, there is a downtrend line, with a resistance at $ 230.00 on the same chart.
Coming down to the 2-hour chart of Eth / USD, the pair is following a declining channel, with current resistance at $ 225.00. On the downside, the $ 215.00 support and the Fibonacci 50% retracement level of the move up hold the key for further slides towards the $ 210.00 and $ 200.00 levels.
Overall, Ether's recent bearish moves are indicating an increase in selling pressure of less than $ 230.00. To recover, buyers must keep the price above the support of $ 215.00.
Important resistance levels
$ 225.00 and $ 230.00
Important support levels
$ 215.00 and $ 210.00
6 hours RSI
The RSI is moving lower towards level 30.
MACD at 6 hours
The MACD is gaining strength in the bearish zone.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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