Ethereum Price Analysis: ETH Could Extend Its Downtrend Below $190


Ethereum price started an upside correction from the $189.35 low vs the US Dollar. ETH to USD is facing many hurdles above $204.50 and it is likely to resume its downtrend in the near term.

Key Takeaways: ETH/USD

  • Ethereum price is trading in a bearish zone below the $204.50 and $207.75 levels against the US Dollar.
  • ETH/USD broke a key contracting triangle with support near $199.60 on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price is down more than 3% and it is likely to dive below the $7,750 level

Ethereum Price Analysis

In the past few day, there were mostly downsides in Ethereum price below the $215.00 and $204.50 levels. ETH to USD even broke the $200.00 support area and traded to a new monthly low at $189.35.

Ethereum Price

Ethereum Price

Looking at the 2-hours chart, Ethereum price settled well below the $204.50 pivot level and the 50 simple moving average (2-hours, purple). Recently, there was an upside correction above the $200.00 level.

The price made an attempt to surpass the 23.6% Fib retracement level of the downward move from $252.65 to $189.35, but it failed. It seems like the $204.50 and $205.00 levels are important barriers for the bulls.

As a result, Ethereum price broke a key contracting triangle with support near $199.60 on the same chart. The price is now trading well below the $204.50 level. An initial support is near the $194.50 level, below which there is a risk of more losses towards the $189.35 level.

Any further losses may perhaps lead the price towards the $188.50 and $182.50 levels in the near term. Conversely, the price must gain traction above $204.50 to start a decent recovery.

The next hurdles are near the $207.80 level and the 50 simple moving average (2-hours, purple). The main resistance above the 50 simple moving average (2-hours, purple) is near the 50% 50 simple moving average (2-hours, purple) at $221.00.

Overall, Ethereum price is trading in a bearish zone below $204.50 and $207.80. Therefore, there is a risk of more losses below $192.00 and $189.35 unless there is a clear break above $207.80.

Live Ethereum (ETH) Price:

1 ETH/USD =$1,221.8493 change ~ -2.49%

Coin Market Cap

$139.46 Billion

24 Hour Volume

$18.09 Billion

24 Hour VWAP

$1.17 K

24 Hour Change

$-30.48

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