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technical analysis ethereum
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Ethereum Price Analysis: ETH/USD Could Drop To $200-220

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
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Key Highlights

  • ETH price extended declines and dropped below the $260 support zone against the US Dollar.
  • Yesterday’s highlighted crucial bearish trend line is intact with resistance at $305 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may well correct a few points higher towards $277-280, but it is likely to face sellers.

Ethereum price dropped significantly against the US Dollar and bitcoin. ETH/USD is likely to decline further below $250 in the near term.

Ethereum Price Decline

There was no recovery in ETH price above the $320 level against the US Dollar. The ETH/USD pair faced an increased selling pressure and declined below the $300 and $280 support levels. The decline was such that the price tumbled below the $260 support as well. A new monthly low was formed at $249 and the price is currently consolidating losses.

An initial resistance is the 23.6% Fib retracement level of the last drop from the $322 high to $249 low. However, any major upsides are likely to face a strong barrier near the $277-280 zone. More importantly, yesterday’s highlighted crucial bearish trend line is intact with resistance at $305 on the hourly chart of ETH/USD. An intermediate resistance is the 50% Fib retracement level of the last drop from the $322 high to $249 low is near $286. Therefore, if the price corrects higher, it is likely to face sellers near the $277, $280 and $286 levels.

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Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is under a lot of selling pressure below $285 and the 100 hourly simple moving average. On the downside, the $250 support zone is very important. If it fails to hold losses, the next support is near the $220 level. Below this, the last important support for buyers is at $200 and $205.

Hourly MACD – The MACD is placed heavily in the bearish zone.

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Hourly RSI – The RSI is attempting a recovery from the extreme oversold conditions.

Major Support Level – $250

Major Resistance Level – $286

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Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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