- ETH price is struggling to correct higher above the $215 resistance against the US Dollar.
- Ethereum price is still holding the $200 support, while bitcoin declined 6% to trade below $11,000.
- There is a major bearish trend line forming with resistance near $208 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at a risk of more downsides unless it breaks the $215 and $220 resistance levels.
Ethereum price is holding the key $200 support versus the US Dollar, whereas recovering vs bitcoin. ETH price might continue to struggle as long as it is below $220.
Ethereum Price Analysis
In the past few sessions, there was a steady decline in ETH price from the $216 resistance against the US Dollar. More importantly, bitcoin price gained bearish momentum and declined towards the $10,500 bearish target (as discussed in the weekly forecast). However, Ether’s price remained above the $200 support area and no new weekly low was formed.
The last swing low was formed near $203 and the price is currently correcting higher. It broke the $206 level plus the 23.6% Fib retracement level of the recent decline from the $216 high to $203 low. However, the price is still trading well below the $210 level and the 100 hourly simple moving average. Additionally, there is a major bearish trend line forming with resistance near $208 on the hourly chart of ETH/USD.
The 50% Fib retracement level of the recent decline from the $216 high to $203 low is also acting as a resistance. Therefore, the price remains in a bearish zone below $210. Above the mentioned $210 resistance, the next resistance could be near the $212 level and the 100 hourly SMA. The main resistance on the upside is near the $215 and $216 levels.
On the downside, the $202 and $200 support levels hold the key. If there is a bearish break below the $200 support, the price could slide roughly 5%. The next stop for the bears could be near the $190 or $185 support area.
Looking at the chart, Ethereum price is clearly trading in a bearish zone below $215. However, it is holding the key $200 support area. As long as there is no daily close below the $200 support, there are chances of a short term rebound. Having said that, it won’t be easy for the bulls to gain traction above the $215 and $216 resistance levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone.
Hourly RSI – The RSI for ETH/USD is holding the 40 level, with a minor bullish angle.
Major Support Level – $202
Major Resistance Level – $212