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.
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.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
