Ethereum Is Diving, But It’s Too Early to Say Bulls Have Given Up

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Ethereum failed to continue above the $220 resistance and declined below $208 against the US Dollar. ETH price is currently testing $200 and remains at a risk of more losses.Ethereum topped near the $220 level and started a fresh decline.The price is down more than 5% and it is currently closing in towards the $200 support zone.There is a key bearish trend line forming with resistance near $208 on the hourly chart of ETH/USD (data feed via Kraken).The pair is likely to decline toward the $192 support before it might start a strong increase.Ethereum Price is Extending LossesAfter forming a support base above $202 and $200, Ethereum recovered above $210 against the US Dollar. ETH price traded above the $215 level and remained well above the 100 hourly simple moving average.However, the bulls faced a strong resistance near the $220 level. The failed to push the price above $220, resulting in a fresh decline. There was a break below the $210 level and the 100 hourly simple moving average.Ethereum is now trading near the key $202 and $200 support levels. An initial resistance on the upside is near the $207 level. It is close to the 23.6% Fib retracement level of the recent slide from the $220 high to $202 low.There is also a key bearish trend line forming with resistance near $208 on the hourly chart of ETH/USD. The trend line coincides with the 50% Fib retracement level of the recent slide from the $220 high to $202 low.Ethereum PriceThe main resistance on the upside is now near $210 and the 100 hourly SMA. To move into a positive zone, the price must break the $208 and $210 resistance levels. The next key resistance is seen near the $220 level, above which Ether could rise towards the $230 level.Main Uptrend SupportOn the downside, there is a crucial support forming near the $202 and $200 levels. If Ethereum fails to stay above the key $200 support, it could slide towards the $192 support.Any further losses below the $192 support might open the doors for a larger decline towards the $182 and $180 support levels in the next 2-3 days.Technical IndicatorsHourly MACD The MACD for ETH/USD is slowly gaining pace in the bearish zone.Hourly RSI The RSI for ETH/USD is currently well below the 40 level, with a bearish angle.Major Support Level – $200Major Resistance Level – $210

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