- The price of ETH has failed to recover and recently, it declined below the $214 support against the US Dollar.
- There is a key declining channel in place with resistance at $212 on the ETH/USD hourly chart.
- The pair is currently under pressure and it is likely to decline towards the $206 support area.
- The price of Ethereum declined further against bitcoin and the US Dollar. There is a slow decline in the ETH/USD pair, towards a significant support area near $206.
Price Analysis: Ethereum
In the last few sessions, the price of ETH experienced a slow and steady decline below the $216 support against the US Dollar. The ETH/USD pair didn’t recover and it also moved below the 100 hourly simple moving average and the $212 support area.
Ethereum (ETH) Price Today – BTC / USD
At present, the price trades with a bearish angle, near the $210 level. Very importantly, there is a key declining channel in place with resistance at $212 on the ETH/USD hourly chart. The pair may likely keep sliding towards the $206 support in the near term.
On the upside, the channel resistance around $212 is vital along with the 100 hourly SMA. The next resistance is the 23.6% Fib retracement level of the decline that occurred recently from $223 to $210. In order for buyers to take control, a proper close above the $212-213 zone is necessary. If this fails to happen, then more declines towards $206 or $204 is very likely.