- ETH price remained under heavy pressure and moved below the $205 support against the US Dollar.
- There is a monster bearish trend line with resistance at $205 forming on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair is likely to decline further and test the $150 support zone in the near term.
Ethereum price is following a declining path against the US Dollar and Bitcoin. ETH/USD might continue to move down and test $150.
Ethereum Price Resistance
There was a major increase in the bearish pressure for ETH price as it failed to hold the $205 support against the US Dollar. The price extended its decline from the $317 swing high and traded towards $175 first, and then recoveries were sold. Recently, the price corrected higher from the 1.236 Fib extension of the last wave from the $202 low to $317 high. It moved towards $218 where it faced sellers and resumed its downtrend.
The price is now trading below the $205 and $180 support levels. So, there is a high chance of it testing the $150-140 support zone. The 1.618 Fib extension of the last wave from the $202 low to $317 high is at $130.95, which may act as a strong support. Therefore, if the price continues to move down, the most important bid zone is around $130.
On the upside, we can keep monitoring the $205 resistance. There is also a monster bearish trend line with resistance at $205 forming on the 4-hours chart of ETH/USD. If there is a recovery attempt from the current or lower levels, sellers might take a stand near $190-205. Above the trend line, the price could move back in the bullish zone for a run towards $235.
4-hours MACD – The MACD is strongly placed in the bearish zone.
4-hours RSI – The RSI is heading lower towards the 30 level.
Major Support Level – $150.00
Major Resistance Level – $205.00
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.