- ETH price remained in a bearish trend and traded to a new weekly low at $225 against the US Dollar.
- There is a new bearish trend line with resistance at $235 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price may retest the $225 swing low today where buyers could be tested.
Ethereum price is struggling to recover against the US Dollar and Bitcoin, and ETH/USD might continue to slowly grind lower towards or below $225.
Ethereum Price Decline
There was an extension of the last leg in ETH price as it traded below the $248 support against the US Dollar. The price declined to a new weekly low at $225. Later, a recovery was started and the price moved above the 23.6% Fib retracement level of the last decline from the $270.85 high to $225.89 low. However, the mentioned recovery could not last long, as it was protected by $245.
There is also a new bearish trend line with resistance at $235 forming on the hourly chart of ETH/USD. It prevented gains along with the 50% Fib retracement level of the last decline from the $270.85 high to $225.89 low. The price completed a recovery from the $225 swing low and currently moving down. It may soon retest the $225 level or could even break it for a new low in the near term. Any recoveries above $240 might be limited considering the current market sentiment.
On the downside, we can keep a watch on the $225 low, as it might prevent declines one more time. A break below it would open the doors for losses towards the $200 handle in the near term.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI – The RSI is currently well below the 50 level and signaling negative bias.
Major Support Level – $225
Major Resistance Level – $240
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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