- 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.
Technical Indicators
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. According to the current price trend and Ethereum price forecast, the coin might reverse the current trend and regain the lost momentum. On the downside, it might retest $200 price mark.