- ETH price struggled to climb higher and declined below the key $224 support against the US Dollar.
- Ethereum price is currently trading in a bearish zone and it even tested the $215 support area.
- There is a major declining channel forming with resistance near $221 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to face a strong resistance near the $220 and $222 levels in the near term.
Ethereum price is trading with a bearish angle versus the US Dollar and bitcoin. ETH price might continue to decline unless it climbs back above the $222 pivot level.
Ethereum Price Analysis
In the past two days, ETH price faced an increase in selling interest from $230 against the US Dollar. There was a steady decline below the $225 support level. Moreover, Ethereum price even broke the key $222 support level and settled below the 100 hourly simple moving average. On the other hand, bitcoin price mostly traded with a positive bias, but it seems to be struggling near the $12,000 resistance.
The recent decline in Ether’s price was such that the price even broke the $220 support. A new weekly swing low was formed near $214 and the price is currently correcting higher. It traded above the $218 level plus the 23.6% Fib retracement level of the recent drop from the $226 high to $214 swing low. However, the upward move was capped by the previous support at $220.
Moreover, Ethereum price failed to surpass the 50% Fib retracement level of the recent drop from the $226 high to $214 swing low. More importantly, there is a major declining channel forming with resistance near $221 on the hourly chart of ETH/USD. Therefore, the pair is facing a strong resistance near the $220, $221 and $222 levels. To start a fresh increase, the price has to surpass the $222 resistance.
On the downside, an initial support is near the $215 level. If there is a downside break below the $215 support, the price could accelerate towards the $210 support. The next major support is near the $202 level, where the bulls may take a stand.
Looking at the chart, Ethereum price is facing an uphill task near the $220 and $222 resistance levels. Moreover, bitcoin’s resilience is putting a lot of pressure on ETH below $230. Therefore, the bulls need to gain strength above $222 to revisit the key $230 resistance.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly climbing into the bullish zone.
Hourly RSI – The RSI for ETH/USD is moving lower towards the 30 level.
Major Support Level – $215
Major Resistance Level – $222
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