- ETH price is currently correcting lower and it recently broke the $212 support against the US Dollar.
- The price is facing a lot of hurdles on the upside near the $212 and $215 levels.
- There is a key bearish trend line forming with resistance near $214 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its decline towards the $200-$202 support area before starting a fresh increase.
Ethereum price is currently declining below $212 versus the US Dollar, similar to bitcoin. ETH price is likely to retest the $200 support area before the bulls might take a stand.
Ethereum Price Analysis
After testing the $225 level, ETH price started a downside correction against the US Dollar. The price broke the $215 and $212 support levels to move into a short term bearish zone. Moreover, there was a close below the $212 level and the 100 hourly simple moving average. The recent decline gained pace below the $210 level and the price traded as low as $206.
At the moment, Ethereum price is correcting higher above the $210 level. It broke the 23.6% Fib retracement level of the recent decline from the $218 high to $206 low. However, the bears are protecting the $212 resistance area and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the recent decline from the $218 high to $206 low is sitting tight near the $212 level.
There is also a key bearish trend line forming with resistance near $214 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent decline from the $218 high to $206 low. Therefore, the price is likely to face a lot of hurdles near the $212 and $215 levels. To start a solid upward move, the price must climb above the $215 level and settle above the 100 hourly SMA.
On the downside, an immediate support is near the $206 low. However, the main support is near the $202 and $200 levels. It seems like the price could extend its decline towards the $200 support area before it might start a decent upward move.
Looking at the chart, Ethereum price is clearly trading in a short term bearish zone below the $212 and $215 levels. If there is an upside break above $215, the price will most likely climb towards the $225 monthly high. If not, the price could revisit $200.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level, with a few bearish signs.
Major Support Level – $202
Major Resistance Level – $215
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