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ETH Tests $200 Support Level But The Bulls Haven’t Given Up Yet

Stefan by Stefan
04/05/2020
in Ethereum News
Reading Time: 2 mins read
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ETH tests 0 support level after failing to continue above the 0 resistance.
buy doxycycline online www.ecladent.co.uk/wp-content/themes/twentyseventeen/inc/en/doxycycline.html no prescription

It even declined below $208 against the US Dollar and remains at risk of another decline. In our Ethereum latest news, we take a closer look at the price analysis and what the short-term holds for the altcoin.

The price is down by more than 5% and it is now closing towards the $200 support zone while standing at a key bearish trend line between the $208 resistance level on the hourly charts of the ETH/USD pair. The pair will decline to the $192 support before it starts another strong increase. After forming a support base above the $202 and $200, Ethereum’s price recovered above the $210 against the US dollar. The ETH price traded above the $215 level and remained under the 100 hourly simple moving average.

eth price chart

The bulls faced a strong resistance close to the $220 level and failed to push the price above the $220 which resulted in another decline. There was a break below the $210 level and the 100 hourly simple moving average. ETH test the resistances close to the $202 and $200 key support levels and another resistance on the upside is waiting close to the $207 level. It is close to the 23% fib retracement level from the recent slide of the $220 high.

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There is also another bearish trend line forming with a resistance close to the $208 region on the hourly charts of ETH/USD. The trend line correlates with the 50% fib retracement level of the recent slide from the $220 high to the $202 low. The resistance at $210 and the 100 hourly SMA has to be broken in order for ETH to roll right into the positive zone. The next key resistance is seen to the $220 level above which ETH could increase to the $230 level, as we can see in the Ethereum news and analysis today.

On the downside, there is another major support line forming close to the $202 and $200 levels. If Ethereum’s price fails to stay above the key support of $200, it could drop further to the $192 support. Any further losses below the $192 support could open the doors for a bigger decline to the $182 and $180 support levels in the upcoming days.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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