Search Inside Bitcoins

Ethereum Price Analysis: ETH/USD Sellers In Control Below $224

 

Key Highlights

  • ETH price traded further lower and tested the next support at $204 against the US Dollar.
  • There are two bearish trend lines in place with resistance at $220 and $234 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair has to move back above the $224 and $228 resistances to recover in the short term.

Ethereum price is facing an increased selling pressure against the US Dollar and bitcoin. ETH/USD could accelerate losses as long as the price is below $224.

Ethereum Price Analysis

Yesterday, we saw the start of a downside move from the $236-238 zone in ETH price against the US Dollar. The ETH/USD pair declined and broke the $225 and $220 support levels. Later, there was a close below the $220 level and the 100 hourly simple moving average. The price tested the $204 level and later corrected higher. There was a push above the 23.6% Fib retracement level of the last decline from the $246 high to $204 low.

However, the price failed to move above the $220 and $222 levels. More importantly, there are two bearish trend lines in place with resistance at $220 and $234 on the hourly chart of ETH/USD. Above the first trend line, the next resistance is near $224. It represents the 50% Fib retracement level of the last decline from the $246 high to $204 low. Moreover, the 100 hourly SMA is also near $224. Therefore, buyers are likely to struggle near the $224 and $225 levels in the near term.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price remains at a risk of more losses if there is no break above $220 and $224. Above these two, the next barrier is close to $232. On the downside, a break below $204 may call for more losses below the $200 level.

Hourly MACDThe MACD is slowly moving in the bullish zone.

Hourly RSIThe RSI is currently below the 50 level.

Major Support Level – $204

Major Resistance Level – $224

 

The post Ethereum Price Analysis: ETH/USD Sellers In Control Below $224 appeared first on NewsBTC.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close