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 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.
Click to Enlarge Chart
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.