- ETH price declined further and traded below the $205 and $200 support levels against the US Dollar.
- There was a break below a major bullish trend line with support at $204 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently struggling below the $206 resistance and the 100 hourly simple moving average.
Ethereum price is back in a bearish zone against the US Dollar and bitcoin. ETH/USD may continue to move down towards the $196 and $190 supports.
Ethereum Price Analysis
Recently, ETH price struggled to gain momentum above the $206 and $208 levels against the US Dollar. The ETH/USD pair started a fresh downside move and traded below the $206 and $205 support levels. During the decline, there was a break below the 61.8% Fib retracement level of the last wave from the $189 low to $220 high. Besides, the price traded below the $200 support and the 100 hourly simple moving average.
More importantly, there was a break below a major bullish trend line with support at $204 on the hourly chart of ETH/USD. The pair tested the 76.4% Fib retracement level of the last wave from the $189 low to $220 high. It tested the $196-197 zone and recovered a few points. However, there are many hurdles on the upside near the $202 level and the 100 hourly SMA. If the price breaks the 100 hourly SMA, it could face sellers near the $205-206 zone. To move into a bullish zone, the price needs to climb above the $206 level in the near term.
Looking at the chart, ETH price is currently under a lot of pressure below $202 and the 100 hourly SMA. If there is a fresh decline, the price may break the $196 low to trade towards the $190 level.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is currently well below the 50 level.
Major Support Level – $196
Major Resistance Level – $206