- Ethereum saw a 3% price decline over the past 24 hours as the coin slips beneath $200.
- Despite the recent price drops, Ethereum is still up by 37% over the previous 90 days of trading.
Ethereum fell by 3% over the past 24 hours of trading as the cryptocurrency drops beneath the support at $200. The day is not over and the candle has not closed, but if it does close beneath $200 we could see ETH heading toward $170.
The cryptocurrency had rolled over at $150 on Friday and the massive price capitulation in the entire market caused ETH to break beneath a 2-month-old rising trend line to drop into the $200 support level.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Looking at the daily chart above, we can see that ETH had managed to find support over the past 3-days at the $199 level. The cryptocurrency attempted to rebound from here but was struggling to overcome the resistance provided at $205.
In today’s session, we can see that ETH has broken this support as it heads toward $197. We need to remember that the candle has still not closed but if it does, Etheruem could be heading toward $180 at the very least.
Short term prediction: BEARISH
Ethereum remains bearish in the short term and would need to break back above $220 before it can be considered as neutral.
If the sellers do push ETH beneath $199 on the close of the candle we can expect the first level of support to be located at $191 which is provided by a downside 1.272 Fib Extension level. Beneath this, support lies at $190, $185, and $183 which is provided by the .786 Fib Retracement. This is followed by support at $181 (downside 1.414 Fib Extension).
On the other hand, resistance lies at $205. This is followed with resistance at $213 (bearish .236 Fib Retracement), $2240, $227 (bearish .382 fib Retracement), and $240.
Support: $200, $195, $191, $190, $183, $181.50, $180, $170, $167, $160..
Resistance: $205, $210, $213, $220, $227, $240,$245, $248, $250, $275, $270, $280, $300.
Source: Coin Gape