Ethereum Price (ETH) Holding $200 While Bitcoin Dived 6%

  • ETH price is struggling to correct higher above the $ 215 resistance against the US Dollar.
  • Ethereum price is still holding the $ 200 support, while bitcoin declined 6% to trade below $ 11,000.
  • There is a major bearish trend line forming with resistance near $ 208 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of more downsides unless it breaks the $ 215 and $ 220 resistance levels.

Ethereum price is holding the key $ 200 support versus the US Dollar, whereas recovering vs bitcoin. ETH price might continue to struggle as long as it is below $ 220.

Ethereum Price Analysis

In the past few sessions, there was a steady decline in ETH price from the $ 216 resistance against the US Dollar. More importantly, bitcoin price gained bearish momentum and declined towards the $ 10,500 bearish target (as discussed in the weekly forecast). However, Ether’s price remained above the $ 200 support area and no new weekly low was formed.

The last swing low was formed near $ 203 and the price is currently correcting higher. It broke the $ 206 level plus the 23.6% Fib retracement level of the recent decline from the $ 216 high to $ 203 low. However, the price is still trading well below the $ 210 level and the 100 hourly simple moving average. Additionally, there is a major bearish trend line forming with resistance near $ 208 on the hourly chart of ETH/USD.

The 50% Fib retracement level of the recent decline from the $ 216 high to $ 203 low is also acting as a resistance. Therefore, the price remains in a bearish zone below $ 210. Above the mentioned $ 210 resistance, the next resistance could be near the $ 212 level and the 100 hourly SMA. The main resistance on the upside is near the $ 215 and $ 216 levels.

On the downside, the $ 202 and $ 200 support levels hold the key. If there is a bearish break below the $ 200 support, the price could slide roughly 5%. The next stop for the bears could be near the $ 190 or $ 185 support area.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly trading in a bearish zone below $ 215. However, it is holding the key $ 200 support area. As long as there is no daily close below the $ 200 support, there are chances of a short term rebound. Having said that, it won’t be easy for the bulls to gain traction above the $ 215 and $ 216 resistance levels.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving back into the bearish zone.

Hourly RSIThe RSI for ETH/USD is holding the 40 level, with a minor bullish angle.

Major Support Level – $ 202

Major Resistance Level – $ 212

Let’s block ads! (Why?)

Analysis – NewsBTC

Comments (No)

Leave a Reply

Powered by WP Robot

PHP Code Snippets Powered By : XYZScripts.com