Ethereum is declining steadily below the $235 resistance zone against the US Dollar. It seems like ETH could decline heavily if it breaks the $225 support zone in the near term.
Ethereum Price Declining SteadilyIn the past two days, Ethereum price followed a bearish path from the $238-$240 resistance against the US Dollar. ETH broke many supports such as $235 and $232 to move into a short-term bearish zone. It even settled below the $232 level and the 100 hourly simple moving average. Ether traded close to the $225 support zone and formed a new intraday low at $226. It is currently correcting higher and trading above $228. An initial resistance on the upside is near the $230 level. It is close to the 50% Fib retracement level of the recent decline from the $235 swing high to $226 low. More importantly, yesterdayβs followed major declining channel is still active with resistance near $232 on the hourly chart of ETH/USD. Ethereum price trades below $230. Source: TradingView.com The channel resistance is near the 61.8% Fib retracement level of the recent decline from the $235 swing high to $226 low. Therefore, the price is likely to face a strong selling interest near the $232 level and the 100 hourly simple moving average. On the downside, the main support is seen near the $225 level. If the price fails to stay above the $225 support, there is a risk of a larger decline towards the $218 and $215 levels in the near term. Chances of an Upside Break in ETH?To move into a positive zone, Ethereum must break the channel resistance, $232, and the 100 hourly SMA. The next key resistance is near the $238 and $240 levels. If ether price settles above the $240 resistance zone, it could start a strong increase. The next set of resistances might be near the $250 and $255 levels. Technical Indicators Hourly MACD β The MACD for ETH/USD is about to move into the bullish zone. Hourly RSI β The RSI for ETH/USD is now just above the 40 level, with bearish signs. Major Support Level β $225 Major Resistance Level β $232 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money. Via https://www.newsbtc.com/2020/06/19/ethereum-eyeing-last-line-of-defense/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-eyeing-last-line-of-defense |
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