Ethereum is declining and exchanging underneath the $225 support against the US Dollar. ETH value stays at a danger of more misfortunes and it may return to the $200 support.
Ethereum Price Settles Below $225
This previous week, Ethereum began a significant descending move underneath the $235 support against the US Dollar. ETH cost broke the $225 bolster level and settled well beneath the 100 basic moving normal (4-hours).
It opened the entryways for additional misfortunes and the cost tried the $215 level. Ether is right now merging misfortunes over the $215 level, yet there are numerous bearish signs noticeable.
An underlying obstruction is close the $222 and $224 levels. The 23.6% Fib retracement level of the descending move from the $249 high to $215 low is additionally close the $224 level. All the more critically, there is a urgent bearish pattern line shaping with opposition close $225 on the 4-hours outline of ETH/USD.
If ether price breaks the trend line resistance and $225, it could recover towards the next major resistance at $232 and the 100 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $249 high to $215 low is also near $232.1xBit: anonymous betting, the best odds & a generous 7 BTC Welcome Bonus! NEWXBIT promo code to get a 125% 1st deposit bonus now!
Therefore, the price is likely to struggle big time near the $225 and $232 resistance levels. The bulls need to gain momentum above $225 for a successful bullish push above the $232 barrier.
More Losses in ETH?
The first support for Ethereum is visible near the $215 level. If the bears manage to push the price below the $215 level, there could be a 3%-5% drop.
In the mentioned case, the price is likely to test the $205 and $200 support levels. Any further losses might open the doors for a push towards $185 support.