ETH Nears Short Term Breakdown

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Ethereum price failed to continue higher and topped near $228.00. ETH price is currently under pressure and it decline further towards the $208.00 or $202.00 support in the near term.

  • Ethereum price is currently showing a lot of bearish signs below $218.00.
  • ETH/USD is following a crucial bearish trend line with resistance near $219.00 on the 30-minute chart.
  • The price is likely to extend its decline below $210.00 before it could start a fresh increase.

Ethereum Price Analysis (ETH to USD)

After trading as high as $235.27, Ethereum price started a downside correction. ETH/USD declined steadily and formed a couple of swing highs near $228.00 and $224.00. Finally, the price extended its decline and traded below the $220.00 and $218.00 support levels.

Ethereum Price Analysis (ETH to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair formed a swing high at $228.00 and declined below the key $218.00 support level. It even traded below the $215.00 support and the 25 simple moving average (30-min).

An intraday low was formed at $211.78 and the price is currently trading in a bearish zone. It recovered above the 23.6% Fib retracement level of the recent decline from the $228.00 high to $211.78 low.

However, the recent recovery was capped by the previous support at $218.00. Moreover, the price stayed well below the 50% Fib retracement level of the recent decline from the $228.00 high to $211.78 low.

It seems like Ethereum price is following a crucial bearish trend line with resistance near $219.00 on the same chart. On the upside, there are two important resistances – $218.00 and $220.00.

If ETH price breaks the trend line and settles above $220.00, it could start a decent upward move towards $230.00 or $235.00. The next important resistance is near the $240.00 level.

On the other hand, if Ether price fails to climb above the trend line and $220.00, it could continue to decline. An immediate support is near the $212.00 level, below which Ethereum might slide towards the $208.00 support. If there are more downsides, ETH/USD could revisit the $202.00 and $200.00 support levels.

The market data is provided by TradingView, Bitfinex.


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