Fresh Decline in ETH?

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Ethereum is clearly facing a strong resistance near the $234 level and the 100 hourly SMA. If it fails to continue above the $234 zone, there is a risk of a fresh decline.

It seems like there is a short-term ascending channel forming with support near $230 on the same chart. A downside break below the channel support might increase selling pressure and the price might drop to $220 in the near term.

Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level, with positive signs.

Major Support Level – $225
Major Resistance Level – $234

Ethereum Analysis
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