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Key points
- The ETH price failed to gain momentum above $ 232 and has recently depreciated against the US dollar.
- The important uptrend following this week was surpassed with support for $ 225 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair is currently in a bearish zone and may continue to decline towards $ 207 or $ 203.
The price of Ethereum is lower than the US dollar and bitcoin. ETH / USD could accelerate losses to $ 203 if sellers retain control.
Price analysis of Ethereum
There was a major obstacle near the $ 232-234 area from the ETH price compared to the US dollar. The pair ETH / USD failed to gain momentum, started a bearish move and broke the $ 228 and $ 225 support. During the decline, there was a break below the 50% Fibra retracement level of the last big rise from $ 213 down to $ 239 up.
More importantly, this important uptrend line followed this week has been surpassed with a $ 225 support on the hourly chart of Eth / USD. The pair now trades well below the $ 225 support and the 100-hour simple moving average. It seems that the price may continue to fall to around $ 213 in the short term. If sellers zero $ 213 low, there may be more losses to the $ 207 level. It represents the Fibon 1.236 extension level of the last big rise from $ 213 down to $ 239 up. Further down, the price could perhaps test the last major swing at $ 203.
Looking at the chart, the ETH price is clearly under pressure below $ 225 and the SMA at 100 hours. If there is an upward correction, the damaged media at $ 224 and $ 225 are likely to act as obstacles. Above these, the price could retest the resistance of $ 232.
MACD time – The MACD is gaining traction in the bearish zone.
RSI timetable – The RSI is now well below the 30 level with a negative angle.
Main support level: $ 207
Main resistance level: $ 230
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