Ethereum Eyeing Last Line of Defense Here Are Key Supports To Watch

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Ethereum is declining steadily below the $235 resistance zone against the US Dollar. It seems like ETH could decline heavily if it breaks the $225 support zone in the near term. In the past two days, Ethereum price followed a bearish path from the $238-$240 resistance against the US Dollar. ETH broke many supports such as $235 and $232 to move into a short-term bearish zone. It even settled below the $232 level and the 100 hourly simple moving average. Ether traded close to the $225 support zone and formed a new intraday low at $226. It is currently correcting higher and trading above $228. An initial resistance on the upside is near the $230 level. It is close to the 50% Fib retracement level of the recent decline from the $235 swing high to $226 low. More importantly, yesterday’s followed major declining channel is still active with resistance near $232 on the hourly chart of ETH/USD. The channel resistance is near the 61.8% Fib retracement level of the recent decline from the $235 swing high to $226 low. Therefore, the price is likely to face a strong selling interest near the $232 level and the 100 hourly simple moving average. On the downside, the main support is seen near the $225 level. If the price fails to stay above the $225 support, there is a risk of a larger decline towards the $218 and $215 levels in the near term. To move into a positive zone, Ethereum must break the channel resistance, $232, and the 100 hourly SMA. The next key resistance is near the $238 and $240 levels. If ether price settles above the $240 resistance zone, it could start a strong increase. The next set of resistances might be near the $250 and $255 levels. Technical IndicatorsHourly MACD – The MACD for ETH/USD is about to move into the bullish zone. Hourly RSI – The RSI for ETH/USD is now just above the 40 level, with bearish signs. Major Support Level – $225Major Resistance Level – $232Take advantage of the trading opportunities with Plus500Risk disclaimer: 76.4% of retail CFD accounts lose money.

All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/06/19/ethereum-eyeing-last-line-of-defense/

#resistance #cryptomarketcap #fidelitybitcoin #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange

Ethereum Eyeing Last Line of Defense Here Are Key Supports To Watch: https://www.youtube.com/watch?v=08SIWcFwv8A
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ethereum Kryptowährung
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