Key Highlights
- ETH price recovered a few points, but it faced a strong resistance near $202 against the US Dollar.
- There is an important bearish trend line in place with resistance at $200 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair must break the $200 and $202 resistance levels to move into a positive zone.
Ethereum price is facing tough challenges versus the US Dollar and Bitcoin. ETH/USD may perhaps decline once again if it fails to move above $200-202.
Ethereum Price Analysis
This past week, there was a decent recovery initiated from the $191 support area in ETH price against the US Dollar. The ETH/USD pair traded higher and broke the $194 and $197 resistance levels. Besides, there was a break above the 50% Fib retracement level of the last drop from the $205 high to $191 low. However, the price faced a strong resistance area near the $201-202 zone.
The price was rejected near the $202 level and the 100 simple moving average (4-hours). More importantly, there is an important bearish trend line in place with resistance at $200 on the 4-hours chart of ETH/USD. Additionally, there was no close above the 61.8% Fib retracement level of the last drop from the $205 high to $191 low. The price is now trading well below the $202 level and the 100 SMA. An immediate support is at $197, below which the price is likely to accelerate towards $194. On the other hand, buyers need to clear the $202 level and the 100 simple moving average (4-hours) to gain upside momentum.
The above chart indicates that ETH price is facing a solid hurdle near the trend line and $202. As long as there is no close above $202, the price may decline once again.
4-hours MACD – The MACD is moving back in the bearish zone.
4-hours RSI – The RSI just broke the 50 level with a negative angle.
Major Support Level – $197
Major Resistance Level – $202
