Ethereum Price (ETH) Near Inflection Point With Bearish Angle | NewsBTC

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 AnalysisRecently, 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 IndicatorsHourly 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 – $212Major Resistance Level – $216

Go to Source
Author: Aayush Jindal

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.