3 Takeaways Suggesting Ethereum Could Extend Its Slide To $192
Altcoins2020/05/21 10:58 by Aayush Jindal
Ethereum reacted to the downside after it failed to clear the $215 resistance against the US Dollar. ETH price is currently showing bearish signs and it could decline to $200 or $192.
Ethereum is slowly moving lower and now trading well below the $215 resistance.
The price is struggling to stay above $210 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $214 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to continue lower below $205 and $200 as long as it is below $215.
Ethereum Price Likely To Lose Battle Near $215
Ethereum price made many attempts to clear the $216 resistance zone against the US Dollar, but it failed. ETH price formed a swing high near $215 and recently started a fresh decline.
There was a break below the $212 and $210 support levels. Ether even broke the $208 support and the 100 hourly simple moving average. However, the $205-$206 support zone stalled the recent decline.
A low is formed near $205 and the price is currently correcting losses. It tested the $210 level, which acted as a resistance. The 50% Fib retracement level of the recent decline from the $215 high to $205 low is also acting as a resistance.
On the upside, there are many hurdles forming near $214 and $215. There is also a major bearish trend line forming with resistance near $214 on the hourly chart of ETH/USD.
The trend line is close to the 76.4% Fib retracement level of the recent decline from the $215 high to $205 low. A clear break above the $215 resistance area is still a major task. If the bulls finally succeed, there are chances of a strong upward move towards the $220 and $230 levels.
If Ethereum fails to clear the $214 and $215 resistance levels, there could be another decline. The main support is near the $205 and $206 levels.
The current price action, the trend line resistance, and multiple rejections near $215 suggest chances of more losses. There three takeaways could lead the price below $205 in the near term.
If there is a downside break below the $206 and $205 support levels, the price is likely to accelerate towards the $200 level. Any further losses could open the doors for a larger decline towards the $192 support zone.
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level, with a bearish angle.
Major Support Level – $205
Major Resistance Level – $215
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.
You should also read...
Altcoins12/12/19 04:28 by Aayush Jindal
Ethereum (ETH) Turned Sell On Rallies, What’s Next?
Ethereum is down more than 2% and it broke the $142 support area against the US Dollar.
The price is currently correcting higher, but it could face hurdles near $142 and $144.
Yesterday’s major bea... Read More
Altcoins30/03/20 05:48 by Aayush Jindal
Ethereum Price Plunges to $125: Can Bulls Save the Day?
Ethereum is currently declining and it broke the $130 support area against the US Dollar. ETH price is consolidating losses and upsides are likely to face hurdles near $128 and $130.
Ethereum is down... Read More
Altcoins04/05/20 06:48 by Aayush Jindal
Ethereum Is Diving, But It’s Too Early to Say Bulls Have Given Up
Ethereum failed to continue above the $220 resistance and declined below $208 against the US Dollar. ETH price is currently testing $200 and remains at a risk of more losses.
Ethereum topped near the... Read More
Altcoins07/05/20 06:38 by Aayush Jindal
Do or Die For Bulls: Can Ethereum Surge Past $210 & $220?
Ethereum is struggling to gain bullish momentum above the $210 and $220 resistance levels against the US Dollar. ETH price remains at a risk of drop below $200 if it continues to struggle near $210.
... Read More
Bitcoin11/05/20 05:38 by Aayush Jindal
This Simple Technical Pattern Could Resend Bitcoin Price Above $9,000
Bitcoin declined heavily from the $10,000 resistance against the US Dollar. BTC is currently correcting higher and it seems like the bulls are likely to push the price back above $9,000.
Bitcoin foun... Read More