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Ethereum Price Analysis: Close Below $206 Could Be Destructive for ETH/USD
Key HighlightsETH price is facing a tough resistance near the $209.00 and $210.00 levels against the US Dollar.Yesterday’s highlighted major bearish trend line is intact with resistance at $209 on the hourly chart of ETH/USD (data feed via Kraken).The pair could accelerate declines if there is a close below the $206 support.Ethereum price is trading near key supports against the US Dollar and bitcoin. ETH/USD needs to climb above $209 and $210 to avoid a downside break.Ethereum Price AnalysisYesterday, we discussed an important support area near $206 in ETH price against the US Dollar. The ETH/USD pair recently recovered above $208 and $209, but it faced a major hurdle near the $210 level. As a result, there was a fresh decline below $209 and the 100 hourly simple moving average. The price spiked below the $206 support once again and formed a low at $205. Later, it climbed back above $206 and it is currently consolidating near $207.An initial resistance is near $208 and the 50% Fib retracement level of the recent drop from the $211 swing high to $205 swing low. Above $208, the price could retest the $210 resistance. Moreover, yesterday’s highlighted major bearish trend line is intact with resistance at $209 on the hourly chart of ETH/USD. The trend line coincides with the 76.4% Fib retracement level of the recent drop from the $211 swing high to $205 swing low. Therefore, a proper close above the trend line and $210 may start a decent recovery. If there is no upside break above $210, the price could decline sharply below $206 and $205.Looking at the chart, ETH price is clearly struggling to recover above $210. If it continues to struggle, sellers might eventually take control for a downside extension below $206.Hourly MACD – The MACD is placed heavily in the bearish zone.Hourly RSI – The RSI is currently well above the 40 level.Major Support Level – $206Major Resistance Level – $210
Author: Aayush Jindal
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