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Key Points
- The ETH price declined heavily and broke the $ 260, $ 250 and $ 240 support against the US dollar.
- This week followed the fundamental bearish trend line with good resistance near $ 284 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair traded near the $ 200 level and currently corrects higher.
The price of Ethereum is under heavy selling pressure against the US dollar and bitcoin. The ETH / USD may continue to slide towards the $ 200 level in the short term.
Ethereum price decline
There was another failure to break the $ 288-290 resistance zone of the ETH price against the US dollar. The ETH / USD pair reacted and suffered a sharp decline from the low of $ 288. The price has plummeted and broke the $ 260, $ 250 and $ 240 support levels. The decline was very aggressive as the price even traded below the $ 225 level. The sellers pushed the price close to the $ 200 level and a new monthly minimum stood at $ 209.
It seems that this important bearish trend line followed this week played well with resistance near $ 284 on the hourly chart of Eth / USD. The pair is currently attempting a recovery from the low of $ 209, but faces many upside obstacles. It is currently testing the fiber retracement level of 23.6% of the last drop from the minimum of $ 291 to the minimum of $ 209. It is also an important bearish trend line on the same chart with resistance to $ 235. Above this, the price could test the 50% fiber retracement level of the last decline from $ 291 up to $ 209 down to $ 250.
Looking at the chart, ETH is clearly under a lot of pressure under $ 240 and a simple 100-hour moving average. It can be recovered in the short term, but it will likely cope with sellers close to $ 235 or $ 250.
MACD schedule – The MACD is slowly reducing its downward slope.
RSI timetable – The RSI is currently well below the 30th level.
Main support level – $ 200
Level of main resistance – $ 235
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