{"id":427887,"date":"2020-06-19T08:28:35","date_gmt":"2020-06-19T08:28:35","guid":{"rendered":"https:\/\/wncen.com\/?p=427887"},"modified":"2024-06-11T13:06:33","modified_gmt":"2024-06-11T13:06:33","slug":"ethereum-eyeing-last-line-of-defense","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-eyeing-last-line-of-defense\/","title":{"rendered":"Ethereum Eyeing Last Line of Defense: Here Are Key Supports To Watch"},"content":{"rendered":"
Ethereum is declining steadily below the $235 resistance zone against the US Dollar. It seems like ETH could decline heavily if it breaks the $225 support zone in the near term.<\/em><\/p>\n In the past two days, Ethereum price followed a bearish path from the $238-$240 resistance<\/a> against the US Dollar. ETH broke many supports such as $235 and $232 to move into a short-term bearish zone.<\/p>\n It even settled below the $232 level and the 100 hourly simple moving average. Ether traded close to the $225 support zone and formed a new intraday low at $226. It is currently correcting higher and trading above $228.<\/p>\n An initial resistance on the upside is near the $230 level. It is close to the 50% Fib retracement level of the recent decline from the $235 swing high to $226 low. More importantly, yesterday\u2019s followed major declining channel is still active with resistance near $232 on the hourly chart of ETH\/USD.<\/p>\n <\/a><\/p>\n The channel resistance is near the 61.8% Fib retracement level of the recent decline from the $235 swing high to $226 low. Therefore, the price is likely to face a strong selling interest near the $232 level and the 100 hourly simple moving average.<\/p>\n On the downside, the main support is seen near the $225 level. If the price fails to stay above the $225 support, there is a risk of a larger decline towards the $218 and $215 levels in the near term.<\/p>\n To move into a positive zone, Ethereum must break the channel resistance, $232, and the 100 hourly SMA. The next key resistance<\/a> is near the $238 and $240 levels.<\/p>\n If ether price settles above the $240 resistance zone, it could start a strong increase. The next set of resistances might be near the $250 and $255 levels.<\/p>\n Technical Indicators<\/p>\n\n
Ethereum Price Declining Steadily<\/h2>\n
Ethereum price trades below $230. Source: TradingView.com<\/a><\/pre>\n
Chances of an Upside Break in ETH?<\/h2>\n