Ethereum Is Still Declining And Will Continue Lower In The Short-Term

Ethereum is still declining and the price is trading below the $188 level against the US dollar so let’s take a closer look at the Ethereum latest news today.

ETH is holding the $185 support area but there is also a risk of more downsides in the short-term. The major bullish trend line this week was broken with support near the $189 on the hourly charts of ETH/USD pair. On the other hand, Bitcoin is struggling to hold the $9,200 support and it could even drop lower.

The price of ETH is facing a huge increase in selling pressure versus the US dollar quite similarly to Bitcoin and the price is still at risk of breaking below $185 and $184. After the short upward movement above $190, Ethereum is still struggling ever since, to climb higher against the US dollar. As a result, ETH started a downward movement and broke past the $190 support area. Also, there was a break below the $188 support area and the $100 hourly simple moving average and this week’s major bullish trend line was breached with the support near the $189 on the hourly charts of ETH/USD.

The price is trading near the $185 area now with a few bearish signs and it is trading above the 23.6 Fib retracement level of the recent decline from the $195 high to $185 low. The immediate resistance level is close to the $188 level and there is also a connecting bearish trend line that is forming with resistance near the $188 level on the same charts. If there is an upside break above the trend line, Ethereum could even test the $190 resistance area again.

The 50 percent Fib retracement level of the recent decline from the $195 high to $185 swing low is also very close to the $190 level. Therefore, the successful break above the $188 and $190 resistance levels is a must for a fresh increase in the near term. On the downside, the immediate support is near the $185 level and if there is a bearish break and close below this area, the price could speed up the decline below the $184 level. The next key support is close to the $180 level so we are watching closely on the price in the upcoming news and analysis.