- Bitcoin’s recent decline below $9,000 sparked a bearish move in Ether
- Ether price is facing further decline to the $175 area
- Ethereum price is down by 10% over the last 24-hours
Ethereum News Today – the price of Ethereum is reportedly down by more than 10%. The digital asset broke the key support of $200 against the USD. Now, Bitcoin’s decline has ensured that there is increasing pressure on Ethereum. ETH could decline further to the $175 area. The coins’ price is in the bearish region and it broke the significant $200 support against the USD. It is now changing hands below the $192 mark and the 100-day simple moving average (via the 4-hour chart).
There was also a break below an important bullish pattern with support at $205 via the 4-hour chart of the ETH/USD pair. The trading pair will likely continue going lower to the next significant support area which can be found at either $175 or $165.
Ethereum Price Turns Red After Bitcoin’s Decline
Over the past seven days, the price of Ethereum made several attempts to gain some bullish momentum above $210 but failed. The price also formed a local top close to the $215 area and initiated a strong decline. Additionally, the recent decline in BTC below $9,000 sparked heavy bearish moves in the market, and Ether was affected the most.
The coin broke the main support areas at $202 and $200 to move into the bearish region. For ETH/USD there was a break below an important bullish pattern with support at $205 via the 4-hour chart. The trading pair settled below the $192 area and the 100-day simple moving average. It is now trading beneath the 50% Fib retracement area via the upward swing from $146 to $227. The current price action for the digital asset suggests that the price of Ethereum may continue moving downwards until it goes below the $180 mark.
Ethereum’s First Key Support is Near the $175 Area
The initial key support area for ETH can be seen near the $175 area. It represents the former breakout area and syncs with the 61.8% Fib retracement via the upward move from $146 to $227. Any further drops in prices may open doors for a bigger decline to the $165 and $162 areas of support in the near-term outlook.
If the price of Ethereum initiates an upside correction, we will find an immediate resistance close to the $192 position. The first important resistance for buyers will be at the $200 zone (which is a recent breakdown area). The 100-day simple moving average via the 4-hour chart for ETH/USD is near the $200 point and is acting as a crucial hurdle. A successful close over the $200 area and the 100-day SMA is required for the digital asset to start afresh upward movement.