- The price of Ethereum dropped by 8.8% in the last 24-hours
- Ethereum price has dropped to the $220 level
- Ethereum is now on the verge of turning bearish
Ethereum News Today – The price of Ethereum dropped by 8.22% in the last 24-hours of trade as the crypto dropped into the $220 price position. Ether had also rolled over from $280 at the beginning of the week. This week began with a steep decline for the digital asset and the entire market. It caused the market to drop a total of 25%. That is 25% in the last 3-days.
Ethereum’s price has now managed to find some level of support at the 5% Fib Retracement point. However, the coin’s momentum is in the hands of the bears currently. The coin remains the number largest crypto by market cap with a market capitalization of $24.30 billion.
Ethereum’s Market Overview
We can see from the daily chart that the price of Ethereum failed to break over the $280 resistance level attained at the start of the week. This action caused the crypto to roll over on its gains and fall further. The price of the crypto dropped beneath the strong support it originally attained at the $250 and $235 areas and the short term 382% Fib Retracement level.
After this action, it managed to reach its current support position of $220 which was provided by the 5% Fib Retracement area. We can see that the ETH/USD trading pair has managed to spike lower since this. Although now it seems the bulls are beginning to battle to defend this support area.
Ethereum’s Short-term Price Prediction is NEUTRAL/BEARISH
The price of Ethereum remains at a neutral position, however, if there is a drop and a close beneath the $220 area, then the coin’s short-term outlook is likely to become bearish. If ETH/USD sellers manage to push the assets price beneath the $220 area, then the first support level lies at the $212.78 area and provides a downward 1.414% Fib Extension point. This movement will be followed by several additional resistance points at the $212 position downward toward the 1.414% Fib Extension point and $205 618% Fib Retracement area.
If ETH sellers maintain their actions and drive Ether lower, then there would be support at the $201 area. On the other hand, if the bulls can rebound from $220, resistance lies at $230, $236, $250, and $250. At this point the price of ETH found support areas at $220, $210, $212, $201, $201, $180 and $200. The coin also has several resistance points at $230, $236, $250, $240, $255, and $270. The coin’s short-term outlook is bearish, but this could change in the long run.