Ethereum struggled to keep going beyond the resistance of $220 and declined below $208 against the US dollar. ETH’s price is currently measuring $203 and continues to run the risk of more losses.
The price of Ethereum increases the losses
Ethereum has recovered above $210 against the US dollar after establishing a base of support between $202 and $200. The ETH price traded above the point of $215 and stayed well above the simple moving average of 100 hours.
The bulls faced a heavy resistance close to the level of $220 though. They failed to drive the price above $220 which led to a fresh decline. There was a break below the $210 point and the moving average of 100 hours.
Ethereum is now trading near to main support rates of $202 and $200. Initial upside resistance is close to level $207. This is similar to the 23.6 percent retracement point of the recent fall from the high $220 to the low $202.
There’s also a main bearish trend line developing on the ETH / USD hourly chart with resistance close to $208. The trend line correlates with the recent slide’s 50 percent Fib retracement point from the high $220 to the low $202.
The biggest upside resistance is now close to $210 and the 100 hourly SMA. The price needs to crack the $208 and $210 resistance rates to step into a positive region. The next primary resistance is seen near the level of $220, above which Ether could rise to level $230.
Key Uptrend Support
On the downside, key support is emerging close to the rates of $202 and $200. If Ethereum doesn’t remain above the $200 main support, it could fall to the $192 support.
Any more losses below the $192 support could open the doors in the next 2-3 days for a bigger fall towards the support rates of $182 and $180.