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Ethereum Price Analysis: Watch out for the 202.50 support zone

  • Ethereum is 1.6% higher on the session but downside levels look vulnerable.
  • 202.50 is becoming an important support zone as a lower high has been made.
Ethereum Price Analysis: Watch out for the 202.50 support zone
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

ETH/USD 1-hour chart

There seems to have been a rejection, ETH/USD at the 225.00 level as the price has currently pulled away from best levels. Now the market has also printed a lower high. This means the support zone at the previous wave low of 202.50 has bigger importance as a break would make a lower high lower low formation. 

There are still some bullish signs as the price currently trades above the 200 simple moving average. The 55 exponential moving average however, is currently being tested. Looking at the volume, it seems that the market is not interested here. Lastly, the relative strength index indicator has moved into a negative zone under the 50 mid-line. The interesting thing is that there is still some space to move to the downside.

Ethereum looking soft

Additional levels

ETH/USD

Overview
Today last price209.45
Today Daily Change3.16
Today Daily Change %1.53
Today daily open206.29
 
Trends
Daily SMA20180.14
Daily SMA50154.26
Daily SMA100187.52
Daily SMA200172.87
 
Levels
Previous Daily High227.37
Previous Daily Low202.37
Previous Weekly High194.46
Previous Weekly Low166.66
Previous Monthly High227.37
Previous Monthly Low128.95
Daily Fibonacci 38.2%211.92
Daily Fibonacci 61.8%217.82
Daily Pivot Point S1196.65
Daily Pivot Point S2187.01
Daily Pivot Point S3171.65
Daily Pivot Point R1221.65
Daily Pivot Point R2237.01
Daily Pivot Point R3246.65

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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