Ethereum price declined heavily below the $218.00 and $200.00 support levels. ETH price is currently correcting higher, but it is likely to face resistance near $210.00
- Ethereum price declined more than 12% in the past few hours and traded below $200.00.
- A connecting bearish trend line is forming with resistance near $211.00 on the 30-minute chart.
- The price might consolidate in the short term, but it could resume its decline below $190.00.
Ethereum Price Analysis (ETH to USD)
In the past three sessions, there was a sharp decline in bitcoin, Ethereum, ripple, BCH, EOS, LTC and other major altcoins. ETH/USD broke the key $200.00 support level to trade to a new multi-week low near the $191.00 level.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair topped near the $234.00 level and later started a fresh decrease. It broke the $218.00, $205.00 and $200.00 support levels.
Moreover, there was a close below $205.00 and the 25 simple moving average (30-min). It opened the doors for more losses below the $195.00 level. The price traded to a new multi-week low at $190.98 and it is currently correcting higher.
It is testing the $201.00 level plus the 23.6% Fib retracement level of the recent decline from the $234.69 high to $190.98 low. On the upside, it seems like there is a strong resistance forming near the $210.00 and $211.00 levels.
Additionally, there is a connecting bearish trend line is forming with resistance near $211.00 on the same chart. The 50% Fib retracement level of the recent decline from the $234.69 high to $190.98 low is also close to the trend line resistance.
Therefore, Ethereum price might struggle to clear the $210.00 and $211.00 resistance levels. The next important resistance is near the $224.00 level.
Conversely, if Ether price fails to correct above the $211.00 resistance, it is likely to resume its decline. An immediate support is near the $194.00 level, below which ETH price may perhaps break the $190.00 support level in the near term. The most important support is near $180.00, which acted as a buy zone on many occasions earlier and the bulls might be able to protect losses below $180.00.
The market data is provided by TradingView, Bitfinex.
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