Ethereum Price Analysis: ETH/USD Back To Significant Support At $206



Key Highlights

  • ETH price failed to recover and it recently declined below the $214 support against the US Dollar.
  • There is a key declining channel in place with resistance at $212 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently under pressure and it could decline towards the $206 support area.

Ethereum price declined further against the US Dollar and bitcoin. ETH/USD is slowly declining towards a significant support area near $206.

Ethereum Price Analysis

During the past few sessions, there was a slow and steady decline below the $216 support in ETH price against the US Dollar. The ETH/USD pair failed to recover and it also moved below the $212 support area and the 100 hourly simple moving average. The decline was such that the price broke the 61.8% Fib retracement level of the recent wave from the $204 low to $223 swing high.

At the moment, the price is trading near the $210 level with a bearish angle. More importantly, there is a key declining…





Read Full Story : NewsBTC

2018-11-09 06:28:01

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