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Key points
- The price of ETH has recovered some points, but it has had to face a strong resistance close to $ 202 against the US dollar.
- There is an important bearish trend line in place with resistance to $ 200 on the 4-hour chart of ETH / USD (data feed via Kraken).
- The pair must break resistance levels $ 200 and $ 202 to move into a positive zone.
The price of Ethereum is facing tough challenges compared to the US dollar and Bitcoin. The ETH / USD may perhaps decline again if it can not exceed $ 200-202.
Price analysis of Ethereum
Last week a fair recovery was started from the support area of $ 191 in the ETH price compared to the US dollar. The ETH / USD pair traded higher and broke resistance levels of $ 194 and $ 197. In addition, there was a break above the 50% retracement level of the US dollar. last drop from the low of $ 205 to the minimum of $ 191. However, the price has faced a strong resistance area near the $ 201-202 zone.
The price was rejected near the $ 202 level and the simple moving average of 100 (4 hours). More importantly, there is an important bearish trend line in place with resistance to $ 200 on the 4-hour ETH / USD chart. Furthermore, there was no closing above the Fib retracement level of 61.8% from the minimum of $ 205 to a minimum of $ 191. The price is now trading well below the level $ 202 and 100 SMA. Immediate support is at $ 197, below which the price should accelerate towards $ 194. On the other hand, buyers must clear the $ 202 level and the simple moving average of 100 (4 hours) to earn upward momentum.
The chart above indicates that the ETH price is facing a solid obstacle close to the trend line and $ 202. As long as there are no closures above $ 202, the price may fall further.
4-hour MACD: MACD is returning to the bearish zone.
4-hour RSI – The RSI has just broken level 50 with a negative angle.
Main support level: $ 197
Main resistance level: $ 202
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