Ethereum Price Analysis: ETH/USD Poised For Continued Weakness

Key Highlights

  • ETH price did not move higher above the $201 and $203 resistances against the US Dollar.
  • Yesterday’s highlighted important bearish trend line is in place with resistance at $200 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline sharply if there is a downside break below the $196-197 support.

Ethereum price is under pressure against the US Dollar and bitcoin. ETH/USD must stay above $196 to avoid a downside break in the near term.

Ethereum Price Analysis

During the past few hours, there were mostly range moves below $201 in ETH price against the US Dollar. The ETH/USD pair failed to move higher above the $201 and $203 resistances, and declined slowly. There was a bearish structure formed after the price failed to break the $200.65-201.00 zone. The price also failed to clear the 50% Fib retracement level of the last drop from the $204 swing high to $198 low.

More importantly, yesterday’s highlighted important bearish trend line is in place with resistance at $200 on the hourly chart of ETH/USD. The price is also trading well below the $201 pivot level and the 100 hourly simple moving average. If there is a break above the trend line, the price may struggle near $201-202. It represents the 61.8% Fib retracement level of the last drop from the $204 swing high to $198 low. A convincing close above the $201 level and the 100 hourly SMA is needed for buyers to start a decent recovery. On the downside, the $196 and $197 levels are important supports. Below these, the price may drop sharply towards the $185 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly following a bearish structure below $201. To recover, the price must break the $200, $201 and $202 resistance levels in the near term.

Hourly MACDThe MACD is still in the bearish zone.

Hourly RSIThe RSI is showing no recovery signs below the 50 level.

Major Support Level – $197

Major Resistance Level – $201

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