Ethereum price started a major decline after it failed to clear the 0 resistance against the US Dollar.ETH price declined sharply below the 0 and 8 support levels.There was a break below a key contracting triangle with support near 0 on the 4-hours chart (data feed from Coinbase).The pair is currently consolidating losses and likely to face resistance near 2 and 8.Ethereum price is back in a bearish zone below 0 against the US Dollar. ETH/USD is likely to continue lower below 0 as long as it is below 8.Ethereum Price AnalysisAfter a couple of failed attempts to clear the 0 resistance, Ethereum price started a major decline against the US Dollar. ETH price broke a few important supports near the 0 level to move into a bearish zone.During the decline, there
Topics:
Aayush Jindal considers the following as important: Altcoin News, ETH, Ethereum, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes Avail Teams Up with Leading Blockchain Platforms for Data Integration
Steve Muchoki writes Aligned Layer Successfully Raised M in Series A Funding Round Led by Hack VC
Mayowa Adebajo writes BNB Chain to Move Native Liquid Staking Feature to BSC
Temitope Olatunji writes Renzo (REZ) Addresses Community Backlash with Airdrop Adjustment and Token Stabilization Efforts
- Ethereum price started a major decline after it failed to clear the $220 resistance against the US Dollar.
- ETH price declined sharply below the $200 and $198 support levels.
- There was a break below a key contracting triangle with support near $200 on the 4-hours chart (data feed from Coinbase).
- The pair is currently consolidating losses and likely to face resistance near $192 and $198.
Ethereum price is back in a bearish zone below $200 against the US Dollar. ETH/USD is likely to continue lower below $180 as long as it is below $198.
Ethereum Price Analysis
After a couple of failed attempts to clear the $220 resistance, Ethereum price started a major decline against the US Dollar. ETH price broke a few important supports near the $200 level to move into a bearish zone.
During the decline, there was a break below a key contracting triangle with support near $200 on the 4-hours chart. The pair even settled below the $198 pivot level and the 55 simple moving average (4-hours).
The price traded as low as $176 and it is currently consolidating losses. It recovered above the 23.6% Fib retracement level of the recent decline from the $217 swing high to $176 low.
On the upside, an initial resistance is near the $192 level. There is also a short term declining channel forming with resistance near $191. The main resistance on the upside is near the $198 level (the recent breakdown zone).
An intermediate resistance is near the 50% Fib retracement level of the recent decline from the $217 swing high to $176 low. To move into a positive zone, the bulls need to clear the $192 and $198 resistance levels.
The next key resistance is near the $204 level and the 55 simple moving average (4-hours), above which the price could revisit the $220 resistance. Conversely, the price could resume its decline if it fails to clear the $198 resistance.
On the downside, an initial support is near the $180 level, followed by the $176 swing low. A clear break below the $176 low could open the doors for a larger decline towards the $164 level.
Ethereum Price
Looking at the chart, Ethereum price is trading in a bearish zone below the $192 and $198 levels. Therefore, there are high chances of more losses below the $180 and $175 levels.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is recovering and approaching the 40 level.
Key Support Levels – $180, followed by the $176 zone.
Key Resistance Levels – $192 and $198.