Ethereum price failed to surpass the $215.00 resistance and declined. ETH/USD is currently struggling to hold an important support near the $209.00 level.
- Ethereum price remained below the $214.00-215.00 resistance area and declined.
- ETH/USD is still below a major bearish trend line with resistance at $213.00 on the 30-minute chart.
- The price could collapse if there is a close below $209.00 and $208.00.
Ethereum Price Analysis
Yesterday, we discussed a possible upward move in Ethereum price above the $213.00 and $215.00 resistance levels. However, buyers failed to gain momentum above the $213.00 resistance, resulting in a fresh bearish reaction.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair declined recently and retested the significant support at $209.00. During the decline, there was a break below the $210.00 support and the 25 simple moving average (30-min).
The price tested the $209.00 support area and the 61.8% Fib retracement level of the recent rebound from the $206.28 low to $215.00 high. Later, the price started consolidating losses above the $209.00 support.
On the upside, an immediate resistance is near the $212.00 level, above which the price may retest the $213.00 hurdle. Moreover, there is a major bearish trend line with resistance at $213.00 on the same chart.
Above the trend line, the breakout resistance is at $215.00. If the price settles above the breakout resistance, there could be a decent rally above the $220.00 level.
Conversely, if the price fails to recover above $213.00 and $215.00, it could slide further. A successful close below the $209.00 support will most likely increase bearish pressure on Ethereum. The next main support is at $206.00 and an intermediate support is the 76.4% Fib retracement level of the recent rebound from the $206.28 low to $215.00 high at $208.32.
Therefore, Ethereum buyers need to keep a close watch on the $209.00 support. As long as there is no close below $209.00, there are chances of a decent comeback above the $212.00 and $213.00 levels.
The market data is provided by TradingView, Bitfinex.