- Ethereum, at the time of penning down this analysis, was trading below the major support of $205 due to intraday correction on the hourly chart
- ETH/USD is facing strong resistance at $219 price area, and the current intraday has led the coin below 38.20% Fib Retracement level
- The 20-day Bollinger Bands are seen widening and the ETH price trend hits below the lower Bollinger Band, showing the loss of intraday momentum
- As the pair slid below $205—the major daily support, it lost support from the 200-day MA, while 50-day MA was disseminated at $212 on the hourly chart
Ethereum has lost the intraday traction and $219 acting as the major resistance, which eventually did not lead the coin to hit a complete bullish crossover in yesterday’s trading session.
Ethereum Price Analysis
On the hourly chart, Ethereum is drawing a descending trendline and recedes below 38.20% Fib Retracement level and the lower 20-day Bollinger Band. After spurring at $227 in the previous week, the price trend of ETH remained below 61.80% to a major extent. It was just in yesterday’s trading session when the coin left the support from 50-day MA on the hourly chart at $212. A fall below $200 is likely to restore the bearish consolidation, which happens to be a major support to watch out for.
The technical indicators are also drawing and confirming a bearish divergence as the signal line crosses above the MACD line due to lack of traction, and the day opened with a bullish candlestick aversion. The RSI of Ethereum lies at 28.43 and has already breached below the major support at 30 in the selling zone.