Ethereum is declining and trading below the $ 225 support against the US Dollar. ETH price remains at a risk of more losses and it might revisit the $ 200 support.
- ETH price is showing bearish signs and trading below the $ 225 support area against the US Dollar.
- It tested the $ 215 support and settled well below the 100 simple moving average (4-hours).
- There is a crucial bearish trend line forming with resistance near $ 225 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair must recover above the $ 225 support to avoid a push towards the $ 200 support area.
Ethereum Price Settles Below $ 225
This past week, Ethereum started a major downward move below the $ 235 support against the US Dollar. ETH price broke the $ 225 support level and settled well below the 100 simple moving average (4-hours).
It opened the doors for more losses and the price tested the $ 215 level. Ether is currently consolidating losses above the $ 215 level, but there are many bearish signs visible.
An initial resistance is near the $ 222 and $ 224 levels. The 23.6% Fib retracement level of the downward move from the $ 249 high to $ 215 low is also near the $ 224 level. More importantly, there is a crucial bearish trend line forming with resistance near $ 225 on the 4-hours chart of ETH/USD.
Ethereum price trades below $ 225. Source: TradingView.com
If ether price breaks the trend line resistance and $ 225, it could recover towards the next major resistance at $ 232 and the 100 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $ 249 high to $ 215 low is also near $ 232.
Therefore, the price is likely to struggle big time near the $ 225 and $ 232 resistance levels. The bulls need to gain momentum above $ 225 for a successful bullish push above the $ 232 barrier.
More Losses in ETH?
The first support for Ethereum is visible near the $ 215 level. If the bears manage to push the price below the $ 215 level, there could be a 3%-5% drop.
In the mentioned case, the price is likely to test the $ 205 and $ 200 support levels. Any further losses might open the doors for a push towards $ 185 support.
4 hours MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
4 hours RSI – The RSI for ETH/USD is currently well below the 40 level.
Major Support Level – $ 215
Major Resistance Level – $ 225
Risk disclaimer: 76.4% of retail CFD accounts lose money.