Ethereum began the new month with a decline. The ETH/USD pair could not hold above $220 and come close to $200. At the time of publication, the ETH/USD pair is trading at $200 and tests this psychological level for strength. On the 4-hour chart of the ETH/USD pair, you can see the upward trend line that the pair broke yesterday. The price also fell below the Moving Average support line. There is a chance that the ETH/USD pair will drop to around $192 before the bulls begin new growth. However, if the ETH/USD pair fails to hold above the $192 level, this will trigger a further decline. And we can see a pair of ETH/USD around $182. If Ethereum drops below $200, then such a bearish scenario can be realized over the next three days.
If the ETH/USD pair can stay above the $200 mark, it will need to overcome the resistance area of 208-210 dollars. The next resistance is near the level of 220. As the last days have shown, the bulls do not have enough strength to overcome this level.
The Relative Strength Index fell below 50, signaling a continued decline. MACD also began to form in the bearish zone. Therefore, in the coming days, the bearish scenario for the ETH/USD pair is quite real.