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Three Important Reasons Why Ethereum Could Tumble Below $220

Three Important Reasons Why Ethereum Could Tumble Below $220
Ethereum failed to continue higher above $233 and declined sharply against the US Dollar. ETH is now trading below the 100 hourly SMA and it could continue to move down.

Ethereum broke the key uptrend support level near $228 and the 100 hourly simple moving average.
The price is likely to resume its decline unless it surpass the $228 and $230 resistance levels.
The bulls failed to protect this week’s ascending channel with support near $228 on the hourly chart of ETH/USD (data feed via Kraken).
The previous support at $228 is now acting as a strong resistance and preventing recovery.

Ethereum Price Support Turned Resistance
This week, Ethereum price climbed higher steadily above $220 against the US Dollar. ETH price even broke the $230 resistance yesterday along with the 100 hourly simple moving average.
However, the bulls failed to hold ground, resulting in a fresh decline from the $233 swing high. Ether declined sharply below the $228 support level and the 100 hourly SMA to move back into a short-term bearish zone.
The bulls also failed to protect this week’s ascending channel with support near $228 on the hourly chart of ETH/USD. The pair traded as low as $223 and it is currently correcting higher. There was a break above the 23.6% Fib retracement level of the recent decline from the $233 high to $223 low.

Ethereum price dives below $230. Source: TradingView.com
On the upside, the previous support near the $228 level and the 100 hourly SMA is acting as strong resistance. It is close to the 50% Fib retracement level of the recent decline from the $233 high to $223 low.
It seems like there is a crucial resistance forming near $228, $230, and a new connecting bearish trend line on the same chart. Ether price must break these three hurdles to start a fresh increase towards $232 and $235 in the coming sessions.
Another Drop in ETH?
If Ethereum fails to clear the $228 resistance and the 100 hourly SMA, it could resume its decline. An initial support is near the $225 level, below which the bears are likely to take control.
The main support is now near the $222 level. A successful break and close below the $222 support may perhaps spark another decline towards the $205 support in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently retreating from the 50 level.
Major Support Level – $222
Major Resistance Level – $230
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