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The price of Ether broke the key support of $ 200.00 against the US dollar. ETH / USD is currently under pressure and remains at risk of further losses.
Key points
The price of Ether went down and traded below $ 200.50 against the US dollar.
ETH / USD fell below the support of a major triangle at $ 202.50 on the 2-hour chart.
ETH / BTC is testing the 0.0310BTC support level at a bearish angle.
Technically, the 2-hour chart indicators have declined abruptly in the bearish territory.
Price analysis of the ether
After struggling to break the resistance of $ 206.00 on some occasions, the ETH / USD suffered an increase in selling pressure. The pair has recently declined and has broken many important supports around $ 200.00 to move into a bearish zone.
ETH / BTC also failed to move above the 0.0315BTC level and refused. The pair is currently trading near the 0.0310BTC support, and it seems buyers are struggling to keep the price above the declared support.
Starting from the 2-hour chart of Eth / USD, there were more than three failures to break the resistance of $ 206.00. Finally, Ether sellers took control and pushed the price under the support of a major triangle at $ 202.50.
It opened its doors to a sharp decline and the price broke the extremely important $ 200.50 support area. The ether has been trading at a new weekly minimum at $ 194.32 and is currently traded in a bearish zone. Should there be an upward correction, the price will likely be subject to many selling interests close to the broken supports at $ 200.00 and $ 200.50.
Coming down to the 30-minute chart of Eth / USD, the pair has declined heavily and settled below $ 200.00. A short-term correction is going above the Fibonacci retracement level to 23.6 from the recent decline from $ 204.80 up to $ 194.32 below.
At the top, there are many barriers to buyers, starting at the $ 199.00 level and the 50 Fibonacci retracement level of the recent decline. However, the most important resistance waits around $ 200.00-200.50 (previous support).
Overall, the price of Ether has moved into a bearish zone. If there is a daily close below $ 200.00, there could be further losses towards $ 190.00 or $ 186.00 in the short term.
Important resistance levels
$ 199.00 and $ 200.00
Important support levels
$ 194.00 and $ 190.00
2 hours RSI
RSI is recovering from oversold levels.
MACD at 2 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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