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Key Points
- The ETH price is under strong selling pressure as it recently broke the $ 200 support against the US dollar.
- C & # 39; is a bearish trend line formed with resistance to $ 205 on the 4-hour chart of ETH / USD (data feed via Kraken).
- The pair remains on sale in rallies close to $ 200, $ 205 and $ 210 in the short term.
The price of Ethereum is in a southern direction compared to the US dollar and Bitcoin. The ETH / USD could continue to fall until buyers take a firm stance
Ethereum price decline
There was no significant recovery above the $ 230 level in the ETH price compared to the US dollar. The ETH / USD pair remained in a bearish zone and extended the decline. He broke the last low swing near $ 209 and extended slides. Sellers have even managed to push the price under $ 200 and $ 190 levels. More importantly, the price is now trading well below the resistance of $ 230 and the simple moving average of 100 (4 hours).
Recently, the price broke a consolidation model with support for $ 225. It opened the door to more losses and the price was traded at a new monthly minimum to $ 185. It seems that the sellers remain in full control and the price could decrease further. On the upside, Fib 23.6% retracement level of the last decline from $ 287 high to $ 185 low is $ 209. Also, there is a big bearish trend line formed with resistance to $ 205 on the 4-hour chart of Eth / USD. Therefore, if the pair corrects higher, it may face sellers close to the $ 200, $ 205 and $ 210 levels in the short term.
The graph above indicates that the ETH price is likely to extend the downturns below the $ 185 level. The next major support is close to the level of $ 175 where buyers could possibly appear. To recover, the price must exceed the $ 200 and $ 220 levels.
4-hour MACD – The MACD is placed in the bearish zone
4-hour RSI – RSI is currently well below level 20.
Major Support Level – $ 175
Major Resistance Level – $ 209
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