Ethereum Price Analysis: ETH Turned Sell On Rallies Near $210
Ethereum price remained in a bearish zone and accelerated declines below the $210.00 support. ETH price might correct higher, but upsides are likely to be capped near $210.00 and $212.00.
- Ethereum price is extended its decline below the $210.00 and $205.00 supports.
- ETH/USD is likely to face hurdles on the upside near $208.50 and $210.00 on the 30-minute chart.
- The price could correct higher, but the bulls are likely to struggle near $210.00 or $212.00.
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Ethereum Price Analysis (ETH to USD)
Yesterday, we discussed a possible breakdown in Ethereum price below the $215.00 support level. ETH/USD remained in a bearish zone and accelerated declines below the $210.00 and $205.00 support levels.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair traded close to the $200.00 level, settled below the 22 simple moving average (30-minue), and a swing low was formed near the $201.22 level. At the moment, the price is consolidating losses near the $202.00 level.
An immediate resistance is near the $205.00 level plus the 23.6% Fib retracement level of the recent slide from the $219.39 high to $201.22 low. Moreover, there is a short term contracting triangle forming with resistance near $205.00 on the same chart.
Therefore, if there is an upside break above $205.00, the price could correct higher towards the $210.00 resistance area. The stated $210.00 level was a support earlier and now it might act as a strong resistance.
Moreover, the 50% Fib retracement level of the recent slide from the $219.39 high to $201.22 low is also near the $210.00 level. Therefore, the price is likely to struggle near the $210.00 resistance.
The next resistance is near the $212.00 level, above which there is a connecting bearish trend line with resistance near $214.00 on the same chart.
After a short term upside correction, Ethereum price is likely to struggle near the $210.00 and $212.00 resistance levels. On the downside, the main support is near the $200.00 area, below which there is a risk of more losses below the $196.00 and $192.00 levels.
The market data is provided by TradingView, Bitfinex.
The post Ethereum Price Analysis: ETH Turned Sell On Rallies Near $210 appeared first on Blockonomi.
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Dr. Latika Mehrotra, Khareem Sudlow