- ETH price came under renewed selling pressure and declined below the $212 support against the US Dollar.
- There was a break below a descending contracting triangle with support at $212 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price is currently below the $205 support and looks set for more declines.
Ethereum price is facing an increase in pressure against the US Dollar and Bitcoin, and ETH/USD may continue to move down in the near term.
Ethereum Price Resistance
Yesterday, we saw two decent supports near $218 and $205 for ETH price against the US Dollar. There was an increase in selling pressure, igniting a downside move below $205. To start with there was a break below the $218 support area. Later, there was break below a descending contracting triangle with support at $212 on the hourly chart of ETH/USD. As a result, the price moved down and cleared the $205 support area.
The downside move was strong since there was a break below the $200 handle as well. A new weekly low was formed at $190.39. There was a tiny correction from the $190.36 low as there was a move above the 23.6% Fib retracement level of the last decline from the $225.36 high to $190.36 low. However, the upside move is capped by the 38.2% Fib retracement level of the last decline from the $225.36 high to $190.36 low. The price is resuming its downtrend and may soon retest $190.00.
As long as the price is below the $218 level, there can be more declines. A break below $190 could ignite further declines in the near term towards $180 or $170.
Hourly MACD – The MACD is now placed solidly in the bearish zone.
Hourly RSI – The RSI is currently well below the 50 level, and heading lower towards 30.
Major Support Level – $190
Major Resistance Level – $218
Charts courtesy – SimpleFX
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