ETH In Significant Downtrend, Can Bulls Protect $180?

Ethereum price declined heavily below the $218.00 and $200.00 support levels. ETH price is currently correcting higher, but it is likely to face resistance near $210.00

  • Ethereum price declined more than 12% in the past few hours and traded below $200.00.
  • A connecting bearish trend line is forming with resistance near $211.00 on the 30-minute chart.
  • The price might consolidate in the short term, but it could resume its decline below $190.00.

Ethereum Price Analysis (ETH to USD)

In the past three sessions, there was a sharp decline in bitcoin, Ethereum, ripple, BCH, EOS, LTC and other major altcoins. ETH/USD broke the key $200.00 support level to trade to a new multi-week low near the $191.00 level.

Ethereum Price Analysis (ETH to USD)

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair topped near the $234.00 level and later started a fresh decrease. It broke the $218.00, $205.00 and $200.00 support levels.

Moreover, there was a close below $205.00 and the 25 simple moving average (30-min). It opened the doors for more losses below the $195.00 level. The price traded to a new multi-week low at $190.98 and it is currently correcting higher.

It is testing the $201.00 level plus the 23.6% Fib retracement level of the recent decline from the $234.69 high to $190.98 low. On the upside, it seems like there is a strong resistance forming near the $210.00 and $211.00 levels.

Additionally, there is a connecting bearish trend line is forming with resistance near $211.00 on the same chart. The 50% Fib retracement level of the recent decline from the $234.69 high to $190.98 low is also close to the trend line resistance.

Therefore, Ethereum price might struggle to clear the $210.00 and $211.00 resistance levels. The next important resistance is near the $224.00 level.

Conversely, if Ether price fails to correct above the $211.00 resistance, it is likely to resume its decline. An immediate support is near the $194.00 level, below which ETH price may perhaps break the $190.00 support level in the near term. The most important support is near $180.00, which acted as a buy zone on many occasions earlier and the bulls might be able to protect losses below $180.00.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto

eToro Risk Warning: 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


Be the first to comment

Leave a Reply

Your email address will not be published.


*