- ETH price is under a lot of pressure and it recently broke the $202 support against the US Dollar.
- The price is likely to continue lower towards the $195 and $192 support levels in the near term.
- There are two major bearish trend lines forming with resistance near $208 and $210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct higher, but upsides are likely to be capped near the $210 level.
Ethereum price is extending its decline versus the US Dollar and bitcoin. ETH price could continue to decline and it might soon test the $192 support.
Ethereum Price Analysis
After a failed attempt near $215, ETH price started a downward move against the US Dollar. The price traded below the $212 and $210 support levels. Moreover, it settled below the $210 level and the 100 hourly simple moving average. More importantly, the price broke the $202 and $200 support levels. A new weekly low was formed near $198 and the price is currently consolidating losses.
It is testing the 23.6% Fib retracement level of the latest drop from the $210 high to $198 low. It seems like the previous support near $202 is acting as a resistance. On the upside, there are many key resistances near the $205, $208 and $210 levels. Moreover, there are two major bearish trend lines forming with resistance near $208 and $210 on the hourly chart of ETH/USD.
The 50% Fib retracement level of the latest drop from the $210 high to $198 low is near $205 to act as a solid resistance. The main resistance is near the first trend line, the 100 hourly SMA, and $208. If there is an upside break above $208 and $210, Ethereum price will most likely move back into a positive zone. The next key resistance is near the $220 level, above which it could retest $225.
Conversely, if the price fails to surpass the $208 and $210 resistance levels, it might continue to decline. An immediate support is near the $198 low. If there is a downside break below $198, the price is likely to test the $195 and $192 support levels.
Looking at the chart, Ethereum price is clearly declining and is trading below a few key resistances such as $208 and $210. As long as the price is trading below the $210 support, there are chances of a downside extension towards the $192 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently placed heavily in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting higher from the 20 level.
Major Support Level – $192
Major Resistance Level – $210
