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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Plunges To $210: Here’s Why $200 Could Be A Savior

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum ETH

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Ethereum is down another 10% and it broke the main $230 support area against the US Dollar. ETH price is now approaching the key $205 and $200 support levels.

  • Ethereum is down more than 25% in the past two days against the US Dollar.
  • The price traded close to the $205 support area and it is currently consolidating losses.
  • There is a key bearish trend line forming with resistance near $222 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is under a lot of pressure and it traded close to the $8,500 support area.

Ethereum Price Nosedives

Yesterday, we saw a strong 10% decline in Ethereum after it broke the $250 support against the US Dollar. Later, the bears gained momentum and ETH price even dived below the main $230 support area.

Moreover, there was a break below the $220 level and the price settled well below the 100 hourly simple moving average. The decline was such that the price traded close to the $205 support area.

A new weekly low is formed near $208 and the price is currently consolidating losses. An initial resistance on the upside is near the $222 level. Besides, the 50% Fib retracement level of the recent slide from the $241 high to $208 low is also near $224.

More importantly, there is a key bearish trend line forming with resistance near $222 on the hourly chart of ETH/USD. Therefore, Ethereum is likely to face a lot of hurdles on the upside near $222 and $224.

Ethereum Price
Ethereum Price

The main resistance is now near the $230 area, plus the 61.8% Fib retracement level of the recent slide from the $241 high to $208 low. A successful close above the $230 area is needed to start a strong recovery in the near term.

In the mentioned case, the price could recover towards the $250 resistance level and the 100 hourly simple moving average.

$200 As Key Support

On the downside, there are many important supports near the $205 and $200 levels. Ethereum bulls are likely to protect more losses below the $200 handle in the coming sessions.

If they fails to protect the $200 handle, it could initiate another slide and a medium term downtrend. The next major support is near the $178 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing a lot of negative signs in the bearish zone.

Hourly RSI – The RSI for ETH/USD is still well below the 40 level, with a bearish angle.

Major Support Level – $205

Major Resistance Level – $222

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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