- ETH price is under heavy selling pressure, and recently broke the $220 and $200 support levels against the US Dollar.
- There are two bearish trend lines with resistances as $204 and $225 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- On the downside, an initial support is near $186, followed by the $165 level.
Ethereum price made heavy downside moves against the US Dollar and Bitcoin, and ETH/USD might continue to trade lower may be towards $170.
Ethereum Price under Pressure
There was a solid increase in selling pressure in ETH price as it moved below the $220 and $200 support levels against the US Dollar. The price even struggling to hold the $190 level and recently traded as low as $185.13 from where a minor recovery started. The price corrected higher and tested the 38.2% Fib retracement level of the last decline from the $246.64 high to $185.13 low.
Sellers are in control at the moment, and the price may soon resume its decline and trade back towards $185. On the upside, there are two bearish trend lines with resistances as $204 and $225 forming on the hourly chart of ETH/USD. The first trend line is an initial hurdle, but the second one at $225 is more important. It coincides with the 61.8% Fib retracement level of the last decline from the $246.64 high to $185.13 low. As long as the price is struggling to move back above $220, there are chances of more declines.
ETH could retest $185 soon and a break below it may take the price towards $170. Selling rallies towards $220 may be considered in the short term for $185-170.
Hourly MACD – The MACD is well placed in the bearish zone.
Hourly RSI – The RSI is moving to and fro around the oversold levels, signaling weakness.
Major Support Level – $185
Major Resistance Level – $220
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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