Ethereum Price (ETH) Correcting Losses: $225 Presents Key Resistance
- ETH price traded to a new monthly low near $190 and later corrected lower against the US Dollar.
- The price corrected above the $200 resistance level, but upsides could face hurdles near $220 and $225.
- There is a crucial bearish trend line forming with resistance near $218 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to gain momentum above the $218, $220 and $225 resistance levels.
Ethereum price is currently correcting losses above $200 versus the US Dollar, similar to bitcoin. ETH price might start a fresh decrease if it fails to continue higher above $225.
Ethereum Price Analysis
Yesterday, we saw a sharp decline in bitcoin and Ethereum price against the US Dollar. ETH/USD even broke the key $200 support level and traded to a new monthly low. A swing low was formed near $190 and recently the price started an upside correction. It broke the $200 resistance to start a decent recovery. Moreover, there was a break above the $210 resistance plus the 50% Fib retracement level of the last decline from the $235 high to $190 low.
However, the price faced a strong resistance near the $218 and $220 levels. Moreover, there is a crucial bearish trend line forming with resistance near $218 on the hourly chart of ETH/USD. It seems like the pair struggled near the 61.8% Fib retracement level of the last decline from the $235 high to $190 low. Above the trend line, the next important resistance is near the $225 level.
The 100 hourly simple moving average is positioned near the $225 level to act as a strong resistance. The final hurdle for the bulls is near the $235 resistance and another bearish trend line. Therefore, the bulls are likely to face a lot of hurdles, starting with $218 and up to $235. Only a successful close above $235 might decrease bearish pressure and push the price towards $250.
On the other hand, if the price fails to climb above $220 or $225, it is likely to restart its decline. An immediate support is near the $210 level, below which the price may perhaps revisit the $200 handle.
Looking at the chart, Ethereum price is showing a few positive signs above the $210 level. Having said that, it must clear the $220 and $225 resistance levels to continue higher. If not, it could decline back towards $200 or the $190 low.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD might move back into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level, with a bullish angle.
Major Support Level – $210
Major Resistance Level – $220
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Aayush Jindal, Khareem Sudlow
