Ethereum ETH price is correcting gains from $225 against the US Dollar, while bitcoin is declining. ETH might revisit the $200 support area before it could start a fresh increase.
Ethereum ETH Price Weekly Analysis
This past week, there was a solid upward move in ETH above the $185 and $200 resistance levels against the US Dollar. Moreover, there was a close above the $200 level and the 100 simple moving average (4-hours). It opened the doors for more gains and Ether climbed above the $210 and $215 resistance levels. Finally, there was a new monthly high was formed near $225 before the price started a downside correction.
On the other hand, bitcoin price struggled to break the $10,400 resistance area and it is currently under pressure. Ethereum is also declining and it recently broke the $215 support area. Additionally, there was a break below the 50% Fib retracement level of the last major upward move from the $202 low to $225 high. More importantly, there was a break below a major bullish trend line with support near $216 on the 4-hours chart of ETH/USD.
The pair is now trading well below the $210 level. An immediate support is near the $208 level. It coincides with the 76.4% Fib retracement level of the last major upward move from the $202 low to $225 high. However, the main support on the downside for Ethereum is near the $202 and $200 levels. If there is a downside break below the $202 level, the price could continue to decline towards the $185 support.
On the upside, an immediate resistance is near the $215 level. If there is an upside break above the $215 level, the price could revisit the $225 high. Any further gains might push the price towards the $240 level.
The above chart indicates that Ethereum price is currently correcting gains from the $225 high. However it is likely to find strong bids near $202 and $200. Once the current correction is complete near $200, the price could bounce back.
4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
4 hours RSI – The RSI for ETH/USD is currently declining and is below the 50 level.
Major Support Level – $202
Major Resistance Level – $215