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8 September 2018 2:38 PM
Ether's price remains in a downward zone against the US dollar and bitcoin. ETH / USD could extend falls below the recent low or $ 205.00 in the short term.
Key Points
Ether is struggling to recover over the resistance from $ 220.00 and $ 230.00 against the US dollar.
ETH / USD is forming a
ETH / BTC is under a lot of pressure and looks like it could test 0.0320BTC.
Technically, 6-hour chart indicators suggest an increase in selling pressure on Ether.
Ether Price Analysis
During the last three sessions, there was almost no recovery in ETH / USD. The pair declined slowly and steadily towards the $ 215.00 level with bearish moves.
More importantly, ETH / BTC failed to correct above the 0.0345BTC level and was reduced to 0.0330BTC. It seems that the price may continue to fall towards the next major support at 0.0320BTC.
Let's start with the hourly chart of the Eth / USD, which indicates a downward structure under the $ 230.00 zone resistance. The pair failed to break the resistance zone of $ 232.00-235.00 and started a new downward move
The ether salesmen remain in full control and may soon be able to clear the support of the nearby range at $ 213.00 and the recent $ 211.61 minimum, which will most likely open the door for further losses under $ 205.00 and $ 200.00 support levels.
On the upside, there is a downtrend linking line formed with resistance at $ 220.00. If the price of Ether moves above the trendline and $ 222.00, it could retest the resistance of $ 232.00. Any further gains are very unlikely considering the current price action and technical structure of less than $ 240.00.
Turning to the 6-hour chart of Eth / USD, the pair is forming a bearish breakout model with support close to $ 212.00. A successful breakdown will determine the tone for the next slide below $ 200.00 in the next sessions.
On the other hand, Ether must earn bullish momentum above $ 232.00 and $ 240.00 resistance levels to avoid a bearish break below the $ 200.00 support.
Important Strength Levels
$ 220.00 and $ 232.00
Important Support Levels
$ 211.00 and $ 200.00
6-Hour RSI
The RSI it is directed south to level 25.
6 hours MACD
The MACD is heavily placed 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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