ETH/USD: Ethereum fell following four days of consolidation; bulls attempt to take back control.
|ETH/USD: Ethereum fell following four days of consolidation; bulls attempt to take back control.
What is going on with ETH/USD?
ETH/USD: The pair broke out of the consolidation price range to the downside after four days in that mode. The pair slipped below 201.65 support during the overnight session and fell to 193.56. The pair managed to recover after bouncing at 196.00 in this morning session.
Our forecast
ETH/USD: The pair has been hovering around 199.25 resistance for the past four hours and needs to break and hold above this point to continue to 201.65. A break above 201.65 could push prices back into the previous channel. The pair could head down to 196.00 and 190.65 if it fails at 199.25
Support -196.00, 190.65, and 185.45
Resistance - 199.25, 201.65, and 204.85
Chart 1: The short-term view of the ETH/USD price action in the 30 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the ETH/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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