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ETH Tests $200 Support Level But The Bulls Haven’t Given Up Yet

05/04/2020
ETH Tests

ETH tests $200 support level after failing to continue above the $220 resistance. It even declined below $208 against the US Dollar and remains at risk of another decline. In our Ethereum latest news, we take a closer look at the price analysis and what the short-term holds for the altcoin.

The price is down by more than 5% and it is now closing towards the $200 support zone while standing at a key bearish trend line between the $208 resistance level on the hourly charts of the ETH/USD pair. The pair will decline to the $192 support before it starts another strong increase. After forming a support base above the $202 and $200, Ethereum’s price recovered above the $210 against the US dollar. The ETH price traded above the $215 level and remained under the 100 hourly simple moving average.

eth price chart

The bulls faced a strong resistance close to the $220 level and failed to push the price above the $220 which resulted in another decline. There was a break below the $210 level and the 100 hourly simple moving average. ETH test the resistances close to the $202 and $200 key support levels and another resistance on the upside is waiting close to the $207 level. It is close to the 23% fib retracement level from the recent slide of the $220 high.

There is also another bearish trend line forming with a resistance close to the $208 region on the hourly charts of ETH/USD. The trend line correlates with the 50% fib retracement level of the recent slide from the $220 high to the $202 low. The resistance at $210 and the 100 hourly SMA has to be broken in order for ETH to roll right into the positive zone. The next key resistance is seen to the $220 level above which ETH could increase to the $230 level, as we can see in the Ethereum news and analysis today.

On the downside, there is another major support line forming close to the $202 and $200 levels. If Ethereum’s price fails to stay above the key support of $200, it could drop further to the $192 support. Any further losses below the $192 support could open the doors for a bigger decline to the $182 and $180 support levels in the upcoming days.

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