Ethereum Price Analysis: ETH/USD Bearish Below 100 SMA and $206

Key Highlights

  • ETH value declined additional and traded beneath the $205 and $200 assist ranges towards the US Greenback.
  • There was a break beneath a significant bullish development line with assist at $204 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
  • The pair is at present struggling beneath the $206 resistance and the 100 hourly easy shifting common.

Ethereum value is again in a bearish zone towards the US Greenback and bitcoin. ETH/USD might proceed to maneuver down in the direction of the $196 and $190 helps.

Ethereum Price Evaluation

Lately, ETH value struggled to realize momentum above the $206 and $208 ranges towards the US Greenback. The ETH/USD pair began a contemporary draw back transfer and traded beneath the $206 and $205 assist ranges. Throughout the decline, there was a break beneath the 61.eight% Fib retracement degree of the final wave from the $189 low to $220 excessive. In addition to, the worth traded beneath the $200 assist and the 100 hourly easy shifting common.

Extra importantly, there was a break beneath a significant bullish development line with assist at $204 on the hourly chart of ETH/USD. The pair examined the 76.four% Fib retracement degree of the final wave from the $189 low to $220 excessive. It examined the $196-197 zone and recovered just a few factors. Nonetheless, there are lots of hurdles on the upside close to the $202 degree and the 100 hourly SMA. If the worth breaks the 100 hourly SMA, it might face sellers close to the $205-206 zone. To maneuver right into a bullish zone, the worth must climb above the $206 degree within the close to time period.

Wanting on the chart, ETH value is at present beneath numerous stress beneath $202 and the 100 hourly SMA. If there’s a contemporary decline, the worth might break the $196 low to commerce in the direction of the $190 degree.

Hourly MACDThe MACD is slowly shifting within the bullish zone.

Hourly RSIThe RSI is at present properly beneath the 50 degree.

Main Assist Degree – $196

Main Resistance Degree – $206

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