Ethereum Price (ETH) Near Inflection Point With Bearish Angle @newsbtc #Analysis #Technical #ETH #ethereum

• ETH price started a short term upside correction from the $201 low against the US Dollar.
• Ethereum price is currently trading near the key $215 resistance area and is showing bearish signs.
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  • ETH price started a short term upside correction from the $201 low against the US Dollar.
  • Ethereum price is currently trading near the key $215 resistance area and is showing bearish signs.
  • There is a key ascending channel forming with support near $212 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could either continue to rise above the $215 resistance or it might resume its downward move.

  Ethereum price is trading near a major resistance versus the US Dollar and bitcoin. ETH price is likely to decline again if it fails to surpass the $215-$216 resistance zone.

  Ethereum Price Analysis

  Recently, we saw a sharp decline in ETH price below the $220 and $215 supports against the US Dollar. The price even broke the $210 support level and settled below the 100 hourly simple moving average. Finally, the price tested the $200-$201 support area. A swing low was formed near $201 and the price started an upside correction above the $205 level. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $226 swing high to $201 swing low.

  The recovery was such that the price climbed above the $215 level and the 100 hourly SMA. However, the price failed to gain strength above the 50% Fib retracement level of the downward move from the $226 swing high to $201 swing low. Additionally, it seems like the price failed to surpass the previous support zone (now resistance) near the $215-216 region.

  At the moment, the price is trading well below the $215 level and the 100 hourly SMA. An immediate support is near the $212 level. Furthermore, there is a key ascending channel forming with support near $212 on the hourly chart of ETH/USD. Therefore, if there is a downside break below the $212 support, Ethereum price could resume its decline below the $210 support. The next key support is near the $202 and $201 levels.

  On the upside, the main resistance is near the $215 and $216 levels. If there is a successful close above the $216 level, the price could continue to recover. The next stop for the bulls in the mentioned case could be near the $220 and $222 levels.

  

  Looking at the chart, Ethereum price is clearly trading near a couple of important hurdles near the $215 level. In the short term, there could be range moves before the price either breaks $216 or starts a fresh decline.

  ETH Technical Indicators

  Hourly MACD – The MACD for ETH/USD is moving back into the bullish zone.

  Hourly RSI – The RSI for ETH/USD is moving lower towards the 50 level.

  Major Support Level – $212

  Major Resistance Level – $216

  The post Ethereum Price (ETH) Near Inflection Point With Bearish Angle appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ethereum-price-eth-near-inflection-point-with-bearish-angle-5d50d7216fe5556e3f947360