Ethereum price tumbled recently and broke the $220.00 support. ETH/USD remains at a risk of more losses below the $200.00 support in the near term.

  • Ethereum price remained in a bearish zone and declined below the $220.00 support.
  • ETH/USD is currently forming a symmetric bearish triangle with resistance at $205.00 on the 30-minute chart.
  • The price is likely to break down and it could extend losses below the $200.00 support.

Ethereum Price

Ethereum Price Analysis

Yesterday, we discussed that Ethereum price is facing crucial hurdles near the $231.50 and $232.00 resistance levels and it could make the next break either above $228.00 or below $222.00.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair failed to move past the $228.00 resistance. As a result, there was a sharp downside move and the price broke the $220.00 support zone.

The drop was nasty as the price trimmed more than 10% gains and even spiked below the $200.00 handle. A low was formed at $199.64 and the price is currently trading well below the 25 simple moving average (30-min).

At the outset, the price is forming a symmetric bearish triangle with resistance at $205.00 on same chart. The triangle resistance is near the 23.6% Fib retracement level of the last drop from the $227.84 high to $199.64 low.

A break above the triangle could take the price towards the next resistance near the $213.00-214.00 zone. It also coincides with the 50% Fib retracement level of the last drop from the $227.84 high to $199.64 low.

However, the current bias is increasingly bearish, which means the price may well break down below $200.00 in the coming hours. If there is a downside break below $200.00, the price will most likely accelerate losses towards the $184.00 level.

Overall, the current price action is super bearish on Ethereum and its price is likely to decline further once the current correction pattern is over with support at $200.00 and resistance near $205.00 and $213.00.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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