Key Highlights
- ETH price is under a lot of pressure after it broke the $210 support against the US Dollar.
- There was a break below a major contracting triangle with support at $210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is under a lot of pressure and it could continue to decline towards the $180 level.
Ethereum price declined recently against the US Dollar and bitcoin. ETH/USD may perhaps continue to decline towards the $180 level in the near term.
Ethereum Price Decline
After failing near the $225 level, ETH price started a downside move against the US Dollar. The ETH/USD pair declined ad traded below the $210 and $200 support levels. There was also a close below the $200 level and the 100 hourly simple moving average. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $166 low to $227 high.
More importantly, there was a break below a major contracting triangle with support at $210 on the hourly chart of ETH/USD. The pair declined towards the $190 level and found support near $192. On the downside, the next support is near the 61.8% Fib retracement level of the last wave from the $166 low to $227 high. A downside break below the $192 level could open the doors for more losses. The most important support is near $180, which is close to the 76.4% Fib retracement level of the last wave from the $166 low to $227 high. If the price corrects higher, it could find resistance near the $200 and $205 levels.
Looking at the chart, ETH price in a bearish zone and it could extend declines towards $190, $185 and $180. Below this last, it could even trade back towards the $166 level.
Hourly MACD – The MACD is moving in the bearish zone.
Hourly RSI – The RSI is currently well below the 40 and 30 levels.
Major Support Level – $190
Major Resistance Level – $205
