Ethereum price failed to recover above the $200.00 resistance and declined recently. ETH/USD is currently at a risk of more declines below the $195.16 low.
- Ethereum price failed to gain momentum above the $199.00-200.00 zone.
- ETH/USD is following a major bearish trend line with resistance at $197.60 on the 30-minute chart.
- The price may continue to decline if it fails to move past the $198.00 and $199.00 resistances.
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Ethereum Price Analysis
After trading as low as $195.16, Ethereum price corrected a few points. The price traded above the $196.00 and $198.00 levels, but sellers took a stand near the $199.00 level.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair failed to test the $200.00 resistance and formed a high at $199.00. During the recovery, there was a break above the 23.6% Fib retracement level of the recent decline from the $205.26 high to $195.16 low.
However, buyers struggled to push the price above the $199.00 level, resulting in a fresh decline. The price declined below $198.00 and a connecting bullish trend line on the same chart.
At the moment, the price is consolidating above the $197.00 level and the 25 simple moving average (30-min). On the upside, there is a major bearish trend line in place with resistance at $197.60.
If there is a break above the trend line, the price may test the next resistance at $200.24 and the 50% Fib retracement level of the recent decline from the $205.26 high to $195.16 low.
On the other hand, if the price fails to clear the trend line, it could decline below the 25 simple moving average (30-min) to retest the $195.16 low. In the mentioned case, there is a risk of more losses below the $195.16 swing low.
The next main support below $195.16 is near the $190.00 level, which could stop the current decline. Overall, the current price action is bearish and it seems like Ethereum price may continue to slide towards $190.00 in the near term.
The market data is provided by TradingView, Bitfinex.
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