Key Highlights
- ETH price failed to stay above the $202 support and declined recently against the US Dollar.
- Yesterday’s highlighted important bullish trend line was breached with support at $202 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently under pressure below $202 and it could extend its slide in the near term.
Ethereum price broke key support levels against the US Dollar and bitcoin. ETH/USD may decline in the short term towards $198 or $196.
Ethereum Price Analysis
Yesterday, we saw a short term top near the $207 level in ETH price against the US Dollar. The ETH/USD pair started a downside correction and traded below the $205 level. Later, sellers gained traction and pushed the price below the $202 support. Moreover, there was a break below the 100 hourly simple moving average, which is currently at $202.
During the drop, the price moved below the 50% Fib retracement level of the last wave from the $196 low to $207 swing high. More importantly, yesterday’s highlighted important bullish trend line was breached with support at $202 on the hourly chart of ETH/USD. The pair is currently consolidating near the $200 level with a bearish angle. An immediate support is the 61.8% Fib retracement level of the last wave from the $196 low to $207 swing high and $200. Below $200, the price could extend the decline towards the $198 or $196 levels. On the upside, there is a connecting bearish trend line formed with resistance at $202.
Looking at the chart, ETH price could face a strong resistance near the trend line, $202, and the 100 hourly SMA. Therefore, a break above $202 is needed for buyers to regain control in the short term. The next resistance on the upside is near the $205 level, followed by $207.
Hourly MACD – The MACD is about to move into the bearish zone.
Hourly RSI – The RSI is currently near the 40 level.
Major Support Level – $198
Major Resistance Level – $202