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Key points
- The price of ETH declined dramatically and broke the important support of $ 197 against the US dollar.
- There was a break below a crucial contract triangle with support for $ 199 on the hourly table of ETH / USD (data feed via Kraken).
- The pair traded at $ 190 and currently corrects higher in the short term.
The price of Ethereum dropped sharply against the US dollar and bitcoin. The ETH / USD has moved into a bearish zone below the support levels $ 200 and $ 197.
Price analysis of Ethereum
After trading in a range for a few days, the ETH price started a bearish move against the US dollar. The ETH / USD pair declined sharply after it failed to exceed the resistance levels of $ 203 and $ 204. The price broke the $ 201, $ 200 and $ 197 levels of support to move into a bearish zone. There was also a close under $ 197 support and a simple 100-hour moving average.
During the decline, there was a break below a crucial contract triangle with support for $ 199 on the hourly chart of Eth / USD. The pair traded near the support of $ 190 and currently corrects higher. It has moved above the fiber retracement level of 23.6% from the recent decline from $ 203 high to low $ 190. On the upside, there are many resistances near the $ 197 level, which previously served as support. It also represents the 50% Fibra retracement level of the recent decline from $ 203 high to $ 190 low. Therefore, if the pair continues to correct higher, it is likely to face many bids near the $ 197 level. Over $ 197, the next resistance is close to $ 200 and the 100-hour SMA.
Looking at the chart, the ETH price is under a lot of pressure below the $ 197 level. If sellers remain in stock, there are high odds of further declines below the recent $ 190 minimum.
MACD time – The MACD is slowly moving into the bullish zone.
RSI timetable – The RSI is recovering towards level 40.
Main support level: $ 190
Main resistance level: $ 197
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