Ether’s price broke the key $200.00 support against the US dollar. ETH/USD is currently under pressure and remains at risk for more losses.
Ether’s price broke to the downside and traded below $200.50 against the US dollar.
ETH/USD declined below a major triangle support at $202.50 on the 2-hour chart.
ETH/BTC is testing the 0.0310BTC support level with a bearish angle.
Technically, the 2-hour chart indicators declined sharply in the bearish territory.
Ether Price Analysis
After struggling to break the $206.00 resistance on a few occasions, ETH/USD faced increased selling pressure. The pair declined recently and broke many important supports around $200.00 to move into a bearish zone.
ETH/BTC also failed to move above the 0.0315BTC level and declined. The pair is currently trading near the 0.0310BTC support, and it seems like buyers are struggling to keep the price above the stated support.
Starting with the 2-hour chart of ETH/USD, there were more than three failures to break the $206.00 resistance. Finally, Ether sellers took control and pushed the price below a major triangle support at $202.50.
It opened the doors for a sharp decline and the price broke the all-important $200.50 support area. Ether traded to a new weekly low at $194.32 and is currently trading in a bearish zone. Should there be an upward correction, the price is likely to face a lot of selling interest near the broken supports at $200.00 and $200.50.
Dropping down to the 30-minute chart of ETH/USD, the pair declined heavily and settled below $200.00. A short term correction is underway above the 23.6 Fibonacci retracement level of the recent decline from the $204.80 high to $194.32 low.
To the topside, there are many hurdles for buyers, starting with the $199.00 level and the 50 Fibonacci retracement level of the recent decline. However, the most important resistance awaits near $200.00-200.50 (the previous support).
Overall, Ether’s price moved into a bearish zone. If there is a daily close below $200.00, there could be further losses toward $190.00 or $186.00 in the near term.
Important Resistance Levels
$199.00 and $200.00
Important Support Levels
$194.00 and $190.00
The RSI is recovering from the oversold levels.
The MACD is gaining strength in the bearish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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