Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Highlights
- ETH price declined heavily and traded as low as $184.5 against the US Dollar.
- There are two important bearish trend lines in place with resistance at $208 and $218 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair may correct higher, but there are many hurdles near $207 and $212 on the upside.
Ethereum price is facing many barriers versus the US Dollar and Bitcoin. ETH/USD remains at a risk of more losses as long as it is below $212.
Ethereum Price Analysis
This past week, there was a sharp downside move from the $234 resistance zone in ETH price against the US Dollar. The ETH/USD pair tumbled and broke the $206 and $200 support levels. It tested the $184-185 support and formed a low at $184.5. The price later started an upside correction above $190, but it is still way below the 100 simple moving average (4-hours).
It has moved above the 23.6% Fib retracement level of the last decline from the $230 high to $184 low. However, there are many resistances on the upside near the $206, $207, $208 and $212 levels. There are also two important bearish trend lines in place with resistance at $208 and $218 on the 4-hours chart of ETH/USD. Below the first trend line, the 50% Fib retracement level of the last decline from the $230 high to $184 low is at $207. Around the trend line and the $207 resistance, the 100 SMA is also positioned. Therefore, it won’t be easy for buyers to clear the $207 resistance and the 100 SMA.
The above chart indicates that ETH price is facing a lot of hurdles on the upside below $212. A proper close above $207 and $212 may push the price back in a positive zone. On the downside, the $190 and $184 levels are decent supports.
4-hours MACD – The MACD is slowly moving in the bullish zone.
4-hours RSI – The RSI is currently near the 40 level.
Major Support Level – $190
Major Resistance Level – $207