- Ethereum price once again loses steam short of $205 as selling pressure continues to dominate.
- ETH/USD is holding ground above the initial support at $201; the technical outlook remains drab.
Ethereum price appears to be losing ground during the European session. Intraday gains have been limited under $205 (initial resistance). On the downside, $202 is function as the immediate support. The correction from the initial resistance has also extended the losses under a key trendline support. Meanwhile, ETH/USD is trading at $202.13 while facing increased selling activities.
Read more: Cryptocurrency Market News: Bitcoin outflow from exchanges hits 310,000 BTC since March 12 crypto crash
Ethereum confluence resistance and support areas
According to the confluence tool, Ethereum is facing acute resistance at $203.51 – $205.62. This zone is the largest congestion of sellers and is highlighted by the 38.2% one-day, the previous low 4-hour, the Bollinger band 1-day middle, the previous high 15-minutes, the SMA 100 15-minutes, SMA five 4-hour, the previous high 4-hour and the Bollinger Band 1-hour upper curve among others. Following a break above this zone, bulls only need to overcome the hurdle at $207 to open the way for gains above $210.
On the flipside, Ethereum supported initially at $201 as highlighted by the Bollinger Band 4-hpur lower curve, the Fibo 61.8% one-day and the 100 SMA 4-hour. Movement below $200 will seek refuge at various support levels including =$195, $190 and $186.