Ethereum Price (ETH) Near Inflection Point With Bearish Angle

THELOGICALINDIAN - Ethereum amount is trading abreast a above attrition against the US Dollar and bitcoin ETH amount is acceptable to abatement afresh if it fails to beat the 215216 attrition zone

Ethereum Price Analysis

Recently, we saw a sharp decline in ETH amount beneath the $220 and $215 supports adjoin the US Dollar. The amount alike bankrupt the $210 abutment akin and acclimatized beneath the 100 alternate simple affective average. Finally, the amount activated the $200-$201 abutment area. A beat low was formed abreast $201 and the amount started an upside alteration aloft the $205 level. Moreover, there was a breach aloft the 23.6% Fib retracement akin of the bottomward move from the $226 beat aerial to $201 beat low.

The accretion was such that the amount climbed aloft the $215 akin and the 100 alternate SMA. However, the amount bootless to accretion backbone aloft the 50% Fib retracement akin of the bottomward move from the $226 beat aerial to $201 beat low. Additionally, it seems like the amount bootless to beat the antecedent abutment area (now resistance) abreast the $215-216 region.

At the moment, the amount is trading able-bodied beneath the $215 akin and the 100 alternate SMA. An actual abutment is abreast the $212 level. Furthermore, there is a key ascendance approach basic with abutment abreast $212 on the alternate blueprint of ETH/USD. Therefore, if there is a downside breach beneath the $212 support, Ethereum amount could resume its abatement beneath the $210 support. The abutting key abutment is abreast the $202 and $201 levels.

On the upside, the capital attrition is abreast the $215 and $216 levels. If there is a acknowledged abutting aloft the $216 level, the amount could abide to recover. The abutting stop for the beasts in the mentioned case could be abreast the $220 and $222 levels.

Looking at the chart, Ethereum amount is acutely trading abreast a brace of important hurdles abreast the $215 level. In the abbreviate term, there could be ambit moves afore the amount either break $216 or starts a beginning decline.