Ethereum Price Weekly Analysis: ETH/USD Sellers Defend Key Resistance

Key Highlights

  • ETH value recovered a number of factors, but it surely confronted a powerful resistance close to $202 towards the US Greenback.
  • There is a crucial bearish development line in place with resistance at $200 on the Four-hours chart of ETH/USD (information feed by way of Kraken).
  • The pair should break the $200 and $202 resistance ranges to maneuver right into a optimistic zone.

Ethereum value is going through robust challenges versus the US Greenback and Bitcoin. ETH/USD might maybe decline as soon as once more if it fails to maneuver above $200-202.

Ethereum Price Evaluation

This previous week, there was a good restoration initiated from the $191 help space in ETH value towards the US Greenback. The ETH/USD pair traded larger and broke the $194 and $197 resistance ranges. Moreover, there was a break above the 50% Fib retracement stage of the final drop from the $205 excessive to $191 low. Nonetheless, the worth confronted a powerful resistance space close to the $201-202 zone.

The worth was rejected close to the $202 stage and the 100 easy shifting common (Four-hours). Extra importantly, there is a crucial bearish development line in place with resistance at $200 on the Four-hours chart of ETH/USD. Moreover, there was no shut above the 61.eight% Fib retracement stage of the final drop from the $205 excessive to $191 low. The worth is now buying and selling nicely beneath the $202 stage and the 100 SMA. An instantaneous help is at $197, beneath which the worth is prone to speed up in direction of $194. However, patrons must clear the $202 stage and the 100 easy shifting common (Four-hours) to realize upside momentum.

The above chart signifies that ETH value is going through a stable hurdle close to the development line and $202. So long as there isn’t a shut above $202, the worth might decline as soon as once more.

Four-hours MACD – The MACD is shifting again within the bearish zone.

Four-hours RSI – The RSI simply broke the 50 stage with a destructive angle.

Main Assist Degree – $197

Main Resistance Degree – $202

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