Ethereum Could Narrowly Avoid a Major Downtrend if it Breaks $210

Ethereum failed to continue above the $210 resistance and declined recently against the US Dollar. ETH price must stay above $195 and $192 to avoid a major downtrend. Ethereum is still struggling to break the $210 and $215 resistance levels. The price might start a decent recovery wave as long as it is above the $192 support zone. There is a major bearish trend line forming with resistance near $205 on the hourly chart of ETH/USD (data feed via Kraken). The pair could avoid a significant decline if it breaks the $210 resistance zone. Ethereum Price is Facing Hurdles After two rejections near the $210 resistance, Ethereum price started a fresh decline against the US Dollar. Bitcoin price also declined below the $9,000 support, sparking a bearish wave in ETH below the $202 level. The price broke the $200 support and tested the $198 level. A low is formed near $198 and the price is currently correcting higher. There was a break above the $200 and $202 levels. Ether also climbed above the 23.6% Fib retracement level of the recent decline from the $210 high to $198 low. On the upside, there is a strong resistance forming near the $205 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $205 on the hourly chart of ETH/USD. Ethereum Price The trend line is close to the 50% Fib retracement level of the recent decline from the $210 high to $198 low. If there is an upside break above the $205 resistance, the price could make another attempt to clear the $210 resistance zone. If the bulls succeed in clearing the $210 resistance, the price could avoid a major downtrend and it might continue to move higher towards the $220 and $230 levels. More Losses If Ethereum fails to clear the $205 and $210 resistance levels, the price could resume its decline. If there is a downside break below the $200 support, the price could even trade below the $198 low. In the mentioned case, the price could dive towards the $192 support level. Any further losses may perhaps start a major downtrend in the coming sessions. Technical Indicators Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone. Hourly RSI – The RSI for ETH/USD is now correcting higher towards the 50 level. Major Support Level – $198 Major Resistance Level – $205 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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