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Key points
- The price of ETH further declined and broke the important support of $ 206 against the US dollar.
- The bearish trend line followed by this week is still in place with a resistance to $ 208 on the hourly table of ETH / USD (data feed via Kraken).
- The pair is under pressure below $ 208 and $ 206, which could cause further losses in the short term.
The price of Ethereum extended losses against the US dollar and bitcoin. The ETH / USD may continue to fall towards the $ 200 or $ 198 support level.
Price analysis of Ethereum
During the last three sessions, there were downward movements in the ETH price below the $ 210 resistance against the US dollar. The pair ETH / USD failed to recover and broke the important support of $ 206 to move into a bearish zone. The sellers took control and pushed the price below the $ 204 level. The price was trading at $ 202 and is currently well below the 100-hour simple moving average.
At present, the price is consolidating losses above $ 202. Initial resistance is the fiber retracement level of 23.6% from the recent slide from $ 210 high to low $ 202. However, the most important resistance is close to the $ 206 level, which was previously a support. More importantly, the bearish trend line followed by this week is still in place with a resistance to $ 208 on the hourly chart of Eth / USD. Below the trendline, the 50% fiber retracement level of the recent drop from $ 210 high to $ 202 low is positioned at $ 206.50. Therefore, if the price corrects higher, it is likely to be faced with a solid selling interest near the resistance zone of $ 206-208.
Looking at the chart, the ETH price is under pressure below $ 206. If there is a downside break below $ 22, the price could also test the $ 200 handle. The next support below $ 200 it's close to the $ 198 level.
MACD time – The MACD could move into the short-term uptrend zone.
RSI timetable – The RSI is currently well below the 50 level.
Main support level: $ 200
Main resistance level: $ 208
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