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