Ethereum Price Weekly Analysis: ETH/USD Sellers Defend Key Resistance

Key Highlights

  • ETH price recovered a few points, but it faced a strong resistance near $ 202 against the US Dollar.
  • There is an important bearish trend line in place with resistance at $ 200 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair must break the $ 200 and $ 202 resistance levels to move into a positive zone.

Ethereum price is facing tough challenges versus the US Dollar and Bitcoin. ETH/USD may perhaps decline once again if it fails to move above $ 200-202.

Ethereum Price Analysis

This past week, there was a decent recovery initiated from the $ 191 support area in ETH price against the US Dollar. The ETH/USD pair traded higher and broke the $ 194 and $ 197 resistance levels. Besides, there was a break above the 50% Fib retracement level of the last drop from the $ 205 high to $ 191 low. However, the price faced a strong resistance area near the $ 201-202 zone.

The price was rejected near the $ 202 level and the 100 simple moving average (4-hours). More importantly, there is an important bearish trend line in place with resistance at $ 200 on the 4-hours chart of ETH/USD. Additionally, there was no close above the 61.8% Fib retracement level of the last drop from the $ 205 high to $ 191 low. The price is now trading well below the $ 202 level and the 100 SMA. An immediate support is at $ 197, below which the price is likely to accelerate towards $ 194. On the other hand, buyers need to clear the $ 202 level and the 100 simple moving average (4-hours) to gain upside momentum.

Ethereum Price Weekly Analysis ETH Chart

The above chart indicates that ETH price is facing a solid hurdle near the trend line and $ 202. As long as there is no close above $ 202, the price may decline once again.

4-hours MACD – The MACD is moving back in the bearish zone.

4-hours RSI – The RSI just broke the 50 level with a negative angle.

Major Support Level – $ 197

Major Resistance Level – $ 202

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