Ethereum Facing Uphill Task Near $228: Here’s Why It Could Tumble

2020-6-29 09:58

Ethereum is currently recovering from the $216 swing low against the US Dollar. ETH is now facing an uphill task near $228-$230, and it could resume its slide.

Ethereum is currently trading above the $220 and $222 resistance levels. The price is now facing a crucial resistance near the $228 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $226 on the hourly chart of ETH/USD (data feed via Kraken). The pair could resume its decline if it fails to clear the $226 and $228 resistance levels. Ethereum Price is Near Crucial Juncture

After a strong decline below $225, Ethereum found support near the $215 region against the US Dollar. ETH price traded as low as $216 and recently started an upside correction above the $220 level.

The price was able to climb above the $220 and $222 resistance levels. However, ether seems to be facing a crucial resistance near the $228 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $226 on the hourly chart of ETH/USD.

The pair is currently consolidating near the 23.6% Fib retracement level of the recent move from the $216 swing low to $228 high. An initial support is near the $222 level (the recent breakout zone).

Ethereum price testing $225: Source: TradingView.com

The 50% Fib retracement level of the recent move from the $216 swing low to $228 high is also near $222. On the upside, the price is clearly facing a major hurdle near the $228 and $230 levels. To move into a positive zone, the bulls need to clear the $230 resistance and settle above the 100 hourly simple moving average.

Fresh Decline in ETH?

If Ethereum fails to clear the $228 and $230 resistance levels, it is likely to resume its decline. The $222 support might prevent the decline in the short term.

A successful break below the $222 support zone will most likely start a fresh decline. In the mentioned case, the price could revisit the $215 support region in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move into the bearish zone.

Hourly RSI – The RSI for ETH/USD is just above the 50 level, with a bearish angle.

Major Support Level – $222

Major Resistance Level – $230

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ethereum task uphill facing could currently near

Источник: newsbtc.com

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