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Highlights
- ETH's price is under strong selling pressure as it recently beat the $ 200 support against the US dollar.
- There is a major downtrend line with resistance at $ 205 on ETH / USD's 4 hour chart (data feed via Kraken).
- The pair remains sold on rebounds close to $ 200, $ 205 and $ 210 in the near term.
The Ethereum price is heading south against the US dollar and bitcoin. ETH / USD could continue to fall until buyers take a firm stance.
Ethereum Decline Price
There has been no major recovery above the US $ 230 level of the ETH price against the US dollar. The ETH / USD remained in a bearish zone and extended the declines. He beat the last swing down nearly $ 209 and extended slides. The sellers even managed to lower prices below the levels of $ 200 and $ 190. More importantly, the price is now trading well below the resistance of $ 230 and the moving average of 100 (4 hours).
Recently, the price broke a consolidation model with support of $ 225. It opened the doors to more losses and the price was traded to a new monthly minimum at $ 185. It seems that sellers are in full control and the price could fall further. On the upside, the level of Fib retracement 23.6% from the last drop from $ 287 to $ 185 is at $ 209. In addition, there is a major downtrend line consisting of a resistance of $ 205 on the ETH / USD 4 hour chart. Therefore, if the pair corrects the rise, it could face sellers close to $ 200, $ 205 and $ 210 in the near term.
The graph above indicates that the FIT price is expected to prolong declines below the $ 185 level. The next major support is close to the $ 175 level, where buyers may be able to appear. To recover, the price must exceed the levels of 200 and 220 dollars.
4 hours MACD – The MACD is placed in the bearish zone.
4 hours RSI – The RSI is currently well below level 20.
Major level of support – $ 175
Major resistance level – $ 209
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