- ETH price declined heavily below the key $200 and $190 support levels against the US Dollar.
- The price is currently consolidating losses after trading as low as $174.
- There is a crucial bearish trend line forming with resistance near $195 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair could start a strong upward move once it breaks the $195 and $200 resistance levels.
Ethereum Price Weekly Analysis
This past week, bitcoin and Ethereum declined heavily below $10,000 and $200 respectively against the US Dollar. The ETH/USD pair even broke the $190 support and settled well below the 100 simple moving average (4-hours). Finally, there was a push below the $185 support level and the price traded as low as $174. Recently, it started an upside correction and recovered above the $180 level.
Moreover, there was a break above the 23.6% Fib retracement level of the last major decline from the $217 high to $174 swing low. However, there are many resistances on the upside near the $192, $195 and $200 levels. Additionally, there is a crucial bearish trend line forming with resistance near $195 on the 4-hours chart of ETH/USD. The trend line coincides with the 50% Fib retracement level of the last major decline from the $217 high to $174 swing low.
The most important resistance is near the $200 and $202 levels (the previous supports). Therefore, a successful break above the $195 resistance plus a follow through above $200 is needed for a fresh increase. The next key resistance is near the $207 level and the 100 simple moving average (4-hours). Besides, the 76.4% Fib retracement level of the last major decline from the $217 high to $174 swing low is also near $207.
Conversely, if there is no upside break above $195 or $200, the price could resume its decline. An immediate support is near the $180 level, followed by the $174 swing low. A break below the $174 swing low may perhaps push the price towards $162.
The above chart indicates that Ethereum price is currently consolidating below key resistances such as $192, $195 and $200. To start a strong recovery and upward move, the price must settle above $200 in the coming days.
4 hours MACD – The MACD for ETH/USD is currently placed in the bullish zone, with neutral signs.
4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
Major Support Level – $174
Major Resistance Level – $200
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