Ethereum (ETH) price remained in the downtrend and even tested the $ 180 support area against the US dollar.
The price is currently showing a higher correction but is facing barriers around $ 192 and $ 195.
The 4-hour ETH / USD chart has a significant bearish trend line (data flow over Kraken) with resistance around $ 192.
According to technical analyst Aayush Jindal, a rise of $ 192 and over $ 195 could trigger a strong recovery in the near term.
The Ethereum price is currently facing strong resistance against the US dollar and Bitcoin. According to Aayush Jindal, ETH is at risk of further negativity until a day close of over $ 200.
According to the technical analyst, Ethereum may initiate a strong recovery in the near term
Last week, ETH saw a decline of less than $ 210, providing support of $ 200 against the US dollar. In addition, the price has dropped below the $ 200 level and below the 100 simple moving average (4 hours). In addition, the Bitcoin saw a decline of less than $ 10,000 and the XRP lost less than $ 0.29. Currently, the market is showing a higher correction but is facing many obstacles such as the ETH near the $ 192 and $ 195 levels.
The price of Ethereum has recently dropped to $ 180 and has now reached a higher level. The price rose above 50% Fib retreat from the last drop, rising from $ 180 to $ 204. However, the upward movement was closed with a $ 195 resistance area. Furthermore, the recently seen 61.8% Fib retreat showed resistance. There seems to be strong resistance around $ 192 and $ 195. More importantly, there is a significant downtrend on the 4-hour ETH / USD chart, showing resistance near $ 192.
Critical levels for Ethereum (ETH), according to Aayush Jindal
According to Aayush Jindal, the main resistance is close to $ 198 and $ 200. 100 simple moving averages (4 hours) close to $ 200. Therefore, according to Aayush Jindal, rise above $ 200 may cause a strong recovery. On the other hand, according to Aayush Jindal, if a break of $ 195 or $ 198 is not given, the price is likely to continue to fall. Immediate support is close to the 185 dollar level.