Analysis

Ethereum Price Analysis: ETH/USD Back To Significant Support At $206

Key Highlights

  • ETH price failed to recover and it recently declined below the $ 214 support against the US Dollar.
  • There is a key declining channel in place with resistance at $ 212 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently under pressure and it could decline towards the $ 206 support area.

Ethereum price declined further against the US Dollar and bitcoin. ETH/USD is slowly declining towards a significant support area near $ 206.

Ethereum Price Analysis

During the past few sessions, there was a slow and steady decline below the $ 216 support in ETH price against the US Dollar. The ETH/USD pair failed to recover and it also moved below the $ 212 support area and the 100 hourly simple moving average. The decline was such that the price broke the 61.8% Fib retracement level of the recent wave from the $ 204 low to $ 223 swing high.

At the moment, the price is trading near the $ 210 level with a bearish angle. More importantly, there is a key declining channel in place with resistance at $ 212 on the hourly chart of ETH/USD. The pair may perhaps continue to slide towards the $ 206 support in the near term. On the upside, the channel resistance near $ 212 is important along with the 100 hourly SMA. The next resistance is the 23.6% Fib retracement level of the recent decline from the $ 223 high to $ 210 low. A proper close above the $ 212-213 zone is required for buyers to take control. If not, there is a risk of more declines towards $ 206 or $ 204.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is facing an uphill task near the $ 212-213 zone. Above $ 213, the next resistance is the 50% Fib retracement level of the recent decline from the $ 223 high to $ 210 low at $ 217.

Hourly MACDThe MACD is placed in the bearish zone.

Hourly RSIThe RSI is currently below the 50 level.

Major Support Level – $ 206

Major Resistance Level – $ 213

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