Ethereum price is under heavy selling pressure below $225.00 against the US Dollar. ETH/USD could soon decline further and it may even break the $200.00 support.
- Ethereum price declined strongly this past week and broke the $260.0 support against the US Dollar.
- ETH/USD recently broke a short-term consolidation pattern with support at $225.00 on the 2-hours chart.
- The pair is in a bearish zone and sellers may soon attempt to push it below the $200.00 level.
Ethereum Price Weekly Analysis
During the past few days, there was a sharp increase in selling volumes, resulting in heavy declines in Ethereum price. The ETH/USD pair broke the $260.00 support and pivot zone to enter into a bearish zone.
Looking at the 2-hours chart, the price broke a connecting bullish trend line with support at $295.00, which ignited a bearish wave. Later, the price broke the $268.00 and $260.00 support levels plus settled below the 25 simple moving average (2-hours).
It opened the doors for more losses and the price traded as low as $211.76. Later, there was a minor upside correction and the price traded above the $225.00 level. It even moved above the 50% Fib retracement level of the recent decline from the $246.97 high to $211.26 low.
However, upsides were prevented by the 25 simple moving average (2-hours), $233.00 level, and the 61.8% Fib retracement level of the recent decline from the $246.97 high to $211.26 low.
Later, the price traded lower, broke a short-term consolidation pattern with support at $225.00, and resumed its downward move.
It seems like the price may perhaps continue to move down and it could soon break the $211.26 low. If sellers gain control, there are chances that ETH/USD might clear the $200.00 support zone. The next support below $200.00 is at $178.00.
On the flip side, if the price recovers, it is likely to face resistance near $225.00, 25 SMA, and a bearish trend line with resistance at $226.00. For a decent recovery, Ethereum price has to move above the $230.00 and $238.00 resistance levels in the near term.
The market data is provided by TradingView, Coinbase.