Ethereum Price Analysis: ETH/USD experiences bearish correction following a heavily bullish Wednesday

ETH/USD had a bearish start to the day and faces resistance levels at $214.95 and $224.25.
The Elliott Oscillator and MACD shows sustained bearish sentiment.

Rajarshi Mitra Independent Analyst

ETH/USD daily chart

ETH/USD had a bearish start to Thursday as it fell from $208.37 to $207.50. The MACD shows sustained bearish momentum, while the Elliott Oscillator has had eight consecutive red sessions. Finally, the RSI is trending horizontally around the neutral zone.

ETH/USD faces two strong resistance levels at $214.95 and $224.25. On the downside, there are four healthy support levels at SMA 20, $202.50, SMA 50 and $188.70.

Key levels

ETH/USD

Overview
Today last price	207.06
Today Daily Change	-1.31
Today Daily Change %	-0.63
Today daily open	208.37

Trends
Daily SMA20	202.77
Daily SMA50	192.4
Daily SMA100	186.49
Daily SMA200	176.17

Levels
Previous Daily High	208.37
Previous Daily Low	200.89
Previous Weekly High	216.98
Previous Weekly Low	191.49
Previous Monthly High	227.37
Previous Monthly Low	128.95
Daily Fibonacci 38.2%	205.51
Daily Fibonacci 61.8%	203.75
Daily Pivot Point S1	203.38
Daily Pivot Point S2	198.4
Daily Pivot Point S3	195.91
Daily Pivot Point R1	210.86
Daily Pivot Point R2	213.35
Daily Pivot Point R3	218.33

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.