RATE Group | Ethereum Price Weekly Analysis: ETH/USD Remains Sell on Rallies
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Ethereum Price Weekly Analysis: ETH/USD Remains Sell on Rallies

09 Sep Ethereum Price Weekly Analysis: ETH/USD Remains Sell on Rallies

Posted at 06:21h in Ethereum News by

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Key Highlights

  • ETH price is under heavy selling pressure as it recently broke the $200 support against the US Dollar.
  • There is a major bearish trend line formed with resistance at $205 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair remains sell on rallies near the $200, $205 and $210 levels in the near term.

Ethereum price is heading south versus the US Dollar and Bitcoin. ETH/USD could continue to move down until buyers take a strong stand.

Ethereum Price Decline

There was no major recovery above the $230 level in ETH price against the US Dollar. The ETH/USD pair remained in a bearish zone and it extended declines. It broke the last swing low near $209 and extended slides. Sellers even managed to push the price below the $200 and $190 levels. More importantly, the price is now trading well below the $230 resistance and the 100 simple moving average (4-hours).

Recently, the price broke a consolidating pattern with support at $225. It opened the doors for more losses and…

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