3 Takeaways Suggesting Ethereum Could Extend Its Slide To $192

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.

Ethereum Price

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.

More Losses?

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.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now well below the 50 level, with a bearish angle.

Major Support Level – $205

Major Resistance Level – $215

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Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial…

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