Ethereum price failed to stay above the $203.00 support and declined sharply. ETH/USD traded as low as $195.15 and it is currently attempting a recovery.

  • Ethereum price broke a major support near the $202.80 level.
  • ETH/USD traded below a key bullish trend line with support at $204.50 on the 30-minute chart.
  • The price is currently recovering, but upsides are likely to be capped by $200.45 or $201.71.

Ethereum Price

Ethereum Price Analysis

Buyers failed to push Ethereum price above the $205.80 resistance area, which resulted in a downside move. The price declined sharply and cleared a few key supports such as $204.00, $202.80 and $200.80.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair declined heavily below the $200.00 level and moved towards the $195.00 level. The price traded as low as $195.16 and later started a minor upside correction.

It recently moved above the 23.6% Fib retracement level of the downside move from the $205.76 high to $195.15 low. Moreover, the price climbed above a short term contracting triangle with resistance at $197.50 and the 25 simple moving average (30-min).

The current price action is positive above the $196.00 level, but upsides are likely to face a lot of sellers. An initial resistance is near the $200.00 level, above which the next barrier is the 50% Fib retracement level of the downside move from the $205.76 high to $195.15 low at $200.45.

If the price succeeds in climbing above the $200.45 level, it could visit the broken support (now resistance) at $202.80. An intermediate resistance is $201.71 and the 61.8% Fib retracement level of the downside move from the $205.76 high to $195.15 low.

Therefore, the price is likely to struggle near the $200.00, $200.45 and $201.71 levels in the near term. On the downside, ETH/USD may find support around the $197.00 level and the 25 simple moving average (30-min).

Below $197.00, there is a risk of more losses towards the $195.00 and $192.00 levels. The main support on the downside below $192.00 is at $186.00.

The market data is provided by TradingView, Bitfinex.

Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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