RATE Group | Ethereum Price Analysis: ETH/USD Sellers In Control Below $224
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Ethereum Price Analysis: ETH/USD Sellers In Control Below $224

26 Sep Ethereum Price Analysis: ETH/USD Sellers In Control Below $224

Posted at 12:24h in Ethereum News by

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Key Highlights

  • ETH price traded further lower and tested the next support at $204 against the US Dollar.
  • There are two bearish trend lines in place with resistance at $220 and $234 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair has to move back above the $224 and $228 resistances to recover in the short term.

Ethereum price is facing an increased selling pressure against the US Dollar and bitcoin. ETH/USD could accelerate losses as long as the price is below $224.

Ethereum Price Analysis

Yesterday, we saw the start of a downside move from the $236-238 zone in ETH price against the US Dollar. The ETH/USD pair declined and broke the $225 and $220 support levels. Later, there was a close below the $220 level and the 100 hourly simple moving average. The price tested the $204 level and later corrected higher. There was a push above the 23.6% Fib retracement level of the last decline from the $246 high to $204 low.

However, the price failed to move above the $220 and $222…

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