- ETH price failed to climb above the $240 resistance and declined against the US Dollar.
- The price declined below the key $220 support level, which may now act as a resistance.
- There is a major bearish trend line forming with resistance near $214 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair could either climb back towards the $220 resistance or it might slide back to $200.
Ethereum Price Weekly Analysis
This past week, bitcoin and Ethereum made attempts to climb above $12,000 and $240 respectively against the US Dollar. However, both failed to gain momentum and the ETH/USD pair started a major decline. The pair clearly failed to gain traction above $235 and declined below the $230 support. Moreover, there was a break below a crucial support area near the $220 level and the 100 simple moving average (4-hours).
Moreover, there was a break below a major bullish trend line with support near $224 on the 4-hours chart of ETH/USD. It opened the doors for more losses below the $210 support level. As a result, Ethereum price revisited the $200-201 support area, where the bulls took a stand. Recently, the price started an upside correction above the $205 level.
Additionally, there was a break above the 23.6% Fib retracement level of the downward move from the $239 high to $201 low. However, the price seems to be struggling near the $214 and $215 levels. More importantly, there is a major bearish trend line forming with resistance near $214 on the same chart. Therefore, an upside break above the $215 level might set the pace for more gains.
The next key resistance is near the $220 level and the 100 simple moving average (4-hours). A successful close above the $220 level could clear the path for a move towards the $240 resistance. Conversely, if the price fails to climb above $215 or $220, it could slide back towards the $200 support.
The above chart indicates that Ethereum price is trading near a key resistance area at $214-215. If there is an upside break, the price could climb higher steadily towards $220 or even $230. If not, there is a risk of a downside break below the key $200 support area in the near term.
4 hours MACD – The MACD for ETH/USD is about to move back into the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently above the 40 level, with a minor bullish angle.
Major Support Level – $200
Major Resistance Level – $220
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