Ethereum price failed to break the $232.00 resistance and declined. ETH/USD is currently under pressure and it could extend slides below the $224.00 support.

  • Ethereum price struggled to break the $231.50 and $232.00 resistance levels.
  • ETH/USD broke an ascending channel with support at $229.00 on the 30-minute chart.
  • The price settled below $227.75, which may now act as a resistance.

Ethereum Price

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Ethereum Price Analysis

Yesterday, we discussed a possible upside break above $232.00 in Ethereum price. However, buyers failed to clear the $231.50 and $232.00 resistance levels, resulting in a bearish reaction.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair formed a few lower high a $234.90, $233.00, $231.50 and $229.50. It declined slowly and steadily after it failed to break the $231.50 and $232.00 resistance levels.

During the drop, it broke the 50% Fib retracement level of the upward move from the $220.49 low to $234.90 high. More importantly, the price broke an ascending channel with support at $229.00 on the 30-minute chart.

There was a close below the $227.75 support and the 25 simple moving average (30-min), which is a bearish sign. At the moment, the price is testing the $224.00 support, below which there is a risk of a sharp decline towards the $220.49 swing low.

The $220.50 support is important since it represents the 1.236 Fib extension level of the upward move from the $220.49 low to $234.90 high.

On the other hand, if the price moves higher, the broken support at $227.75 and the 25 SMA are likely to prevent gains. To move back in a positive zone, Ether buyers need to push the price above $227.75, $228.00 and the 25 SMA.

However, the most significant hurdles for buyers are still the $231.50 and $232.00 resistance levels. In the short term, there could be range moves before the price makes the next break either above $228.00 or below $222.00 in the coming hours. The RSI is near the oversold levels, signaling a short-term recovery towards $227.00 or $227.50.

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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