Ethereum topped near the $220 level and started a fresh decline.
The price is down more than 5% and it is currently closing in towards the $200 support zone.
There is a key bearish trend line forming with resistance near $208 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to decline toward the $192 support before it might start a strong increase.
Ethereum Price is Extending Losses
After forming a support base above $202 and $200, Ethereum recovered above $210 against the US Dollar. ETH price traded above the $215 level and remained well above the 100 hourly simple moving average.
However, the bulls faced a strong resistance near the $220 level. The failed to push the price above $220, resulting in a fresh decline. There was a break below the $210 level and the 100 hourly simple moving average.
Ethereum is now trading near the key $202 and $200 support levels. An initial resistance on the upside is near the $207 level. It is close to the 23.6% Fib retracement level of the recent slide from the $220 high to $202 low.
There is also a key bearish trend line forming with resistance near $208 on the hourly chart of ETH/USD. The trend line coincides with the 50% Fib retracement level of the recent slide from the $220 high to $202 low.
Ethereum Price
The main resistance on the upside is now near $210 and the 100 hourly SMA. To move into a positive zone, the price must break the $208 and $210 resistance levels. The next key resistance is seen near the $220 level, above which Ether could rise towards the $230 level.
Main Uptrend Support
On the downside, there is a crucial support forming near the $202 and $200 levels. If Ethereum fails to stay above the key $200 support, it could slide towards the $192 support.
Any further losses below the $192 support might open the doors for a larger decline towards the $182 and $180 support levels in the next 2-3 days.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently well below the 40 level, with a bearish angle.
Major Support Level – $200
Major Resistance Level – $210