Ethereum price analysis shows that the coin is recovering losses from the $189 monthly lows but facing face a lot of resistances on the upside near $208.
Ethereum Price Medium-term Trend
Yesterday, March 9, the price of Ethereum (ETH) suffered a massive 15% decline below the $220 and $215 support levels. ETH price even dropped below the $200 level and finally, it formed to a new monthly low near the $189 level.
At the time of writing this Ethereum price analysis, Ethereum price is correcting higher above the $192 and $195 levels. However, it seems like the coin is consolidating losses below the $205 resistance level.
On the upside, a successful break above the resistance of $205 could push the price towards the $211 area. The next major resistance is near the $220 level. A spike above the $220 resistance zone is needed for a fresh uptrend. Conversely, the price is likely to fail near the $211 resistance area. If that happens, the bears are likely to aim more losses below the $190 and $180 levels. The next major support is near the $170 and $160 levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
ETHUSD Price Short-term Trend
On the 1-hour chart, the price of ETHUSD is slowly recovering from the $189 low. However, there are many resistances on the upside near the $205 and $208 levels, where the bears are likely to appear again.
If the pair fails to recover above the $208 resistance level, it could start another decline. An initial support is near the $195 level, below which there is a risk of more losses towards $185.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance levels: $210, $220, $250
- Support levels: $195, $180, $170
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.