Ethereum Price Weekly Analysis: ETH/USD Remains Sell on Rallies

Key Highlights

  • ETH price is under heavy selling pressure as it recently broke the $200 support against the US Dollar.
  • There is a major bearish trend line formed with resistance at $205 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair remains sell on rallies near the $200, $205 and $210 levels in the near term.

Ethereum price is heading south versus the US Dollar and Bitcoin. ETH/USD could continue to move down until buyers take a strong stand.

Ethereum Price Decline

There was no major recovery above the $230 level in ETH price against the US Dollar. The ETH/USD pair remained in a bearish zone and it extended declines. It broke the last swing low near $209 and extended slides. Sellers even managed to push the price below the $200 and $190 levels. More importantly, the price is now trading well below the $230 resistance and the 100 simple moving average (4-hours).

Recently, the price broke a consolidating pattern with support at $225. It opened the doors for more losses and the price traded to a new monthly low at $185. It seems like sellers remain in full control and the price could decline further. On the upside, the 23.6% Fib retracement level of the last decline from the $287 high to $185 low is at $209. Moreover, there is a major bearish trend line formed with resistance at $205 on the 4-hours chart of ETH/USD. Therefore, if the pair corrects higher, it could face sellers near the $200, $205 and $210 levels in the short term.

The above chart indicates that ETH price is likely to extend declines below the $185 level. The next major support is near the $175 level where buyers may perhaps appear. To recover, the price has to move above the $200 and $220 levels.

4-hours MACD – The MACD is placed in the bearish zone.

4-hours RSI – The RSI is currently well below the 20 level.

Major Support Level – $175

Major Resistance Level – $209

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