- ETH price declined further and broke the important $206 support against the US Dollar.
- This week’s followed key bearish trend line is still in place with resistance at $208 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is under pressure below $208 and $206, which could result in more losses in the near term.
Ethereum price extended losses against the US Dollar and bitcoin. ETH/USD could continue to move down towards the $200 or $198 support level.
Ethereum Price Analysis
During the past three sessions, there were bearish moves in ETH price below the $210 resistance against the US Dollar. The ETH/USD pair failed to recover and broke the important $206 support to move into a bearish zone. Sellers took control and pushed the price below the $204 level. The price traded as low as $202 and it is currently well below the 100 hourly simple moving average.
At the moment, the price is consolidating losses above $202. An initial resistance is the 23.6% Fib retracement level of the recent slide from the $210 high to $202 low. However, the most important resistance is near the $206 level, which was a support earlier. More importantly, this week’s followed key bearish trend line is still in place with resistance at $208 on the hourly chart of ETH/USD. Below the trend line, the 50% Fib retracement level of the recent slide from the $210 high to $202 low is positioned at $206.50. Therefore, if the price corrects higher, it is likely to face a solid selling interest near the $206-208 resistance zone.
Looking at the chart, ETH price is under pressure below $206. If there is a downside break below $22, the price may even test the $200 handle. The next support below $200 is near the $198 level.
Hourly MACD – The MACD could move into the bullish zone in the short term.
Hourly RSI – The RSI is currently well below the 50 level.
Major Support Level – $200
Major Resistance Level – $208
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Author: Aayush Jindal