Ethereum price analysis has been showing a concurrent movement after on a decline. It has been currently stationed under the support at two hundred and ten dollars ($210).
The downward trend started when the bulls were unable to push past the two hundred and forty dollars ($240) mark by just a dollar. From two hundred and thirty-nine dollars ($239) ETH price first made its stop at the two hundred and thirty dollars ($230) support.
The next stop ETH price made was at two hundred and twenty dollars ($220) where the 55 simple moving average (SMA) was also running from, according to the four-hour chart.
Ethereum price did not consolidate here, in fact, it kept falling and thus, ETH currently trades under the two hundred and ten dollars ($210) mark.
ETH price continued it downfall till the two hundred dollars ($210) mark where it experienced a correction that raised it above two hundred and ten dollars ($210).
The twenty-three percent (23.6%) Fibonacci level had a breach above which ETH started trading between the range: two hundred and thirty-nine ($239) dollars at the higher end and two hundred dollars ($200) on the lower side.
This gave ETH a new resistance mark in the two hundred and fifteen ($215) to two hundred and sixteen dollars ($216) range, which was previously a support mark.
Ethereum price chart by Trading View
Ethereum price analysis: Resistance/Support
A bearish trend line at two hundred and twelve dollars ($212) emerges on the four-hour chart as minor resistance mark as well.
With the next resistance situated at two hundred and twenty ($220) dollars. The two hundred and twenty dollars ($220) mark is confessed by both- the fifty (50) percent Fibonacci retracement level and the fifty-five (55) moving average to act a key resistance.
On the flip-side, Ethereum will be supported at two hundred and five dollars ($205), then at two hundred and two dollars ($202). If things keep going southwards then we can expect ETH to be held above the two hundred dollar territory buy none other than the two hundred dollars ($200) support mark.
