- ETH/USD heading for a short burst after hitting $200
- There is a major fallback for Ethereum if it breaches $200
- ETH dropped to $186 after crossing $215
Ethereum News Today – the price of Ethereum dropped to the $186 mark soon after it managed to cross $215. The selling pressure for ETH appears to have eased slightly at press time. However, there’s a considerable chance that the price of ETH will suffer a massive decline after going past the $200 mark.
Ethereum dropped to $186 soon after it crossed $215. The selling pressure seems to have eased a bit now. However, there is a considerable probability of ETH going past $200 and then suffering a massive decline. Let us see more about how ETH has performed over the last 24-hours.
Bitcoin’s Halving Event Has Impacted the Performance of ETH
The coming Bitcoin halving event is already having a domino effect on most altcoins. BTC/USD recently moved over the $10,000 mark only to drop below the $8,700 level two days later. The same price action happened with Ether. After managing to surge well past the $210 mark, and shattering its near term resistance positions, the ETH/USD pair is back trading at the $187.89 area.
It looks like crypto investors are becoming more cynical regarding the rise after the Bitcoin halving event. And this is justified especially since the actual impact of the Coronavirus on the space is yet to be fully understood. Some claim that the countries lifting their lockdown may soon face a second wave of infection from the virus. In a time of crisis, investors can’t afford to make investments in risky instruments like digital assets.
Technical Indicates Show a Decline for the Token
The day’s range for the ETH/USD pair is at the $186.98 — $191.20 areas respectively. The technical indicators show that a short act of momentum could force the price of Ethereum past the $200 mark. This short burst action is now possible as we consider the upcoming BTC halving. However, the descending pattern suggests that the ETH/USD pair could rebound to lower levels after it manages to touch $200.
The initial fallback area for Ethereum lies between the $170 – $179 area respectively. If this support area breaks, the price decline could be down to the $140 area. Now the question is, is there a going to be a revival for ETH? If ETH/USD breaks the above trend line, and the bulls may continue to stay and extend their control. This could take the Ethereum price to $245. But investors must stay patient enough if they want to enjoy this jump. It is recommended that we wait for ETH/USD to break this trend line by a considerable volume for the bulls to return.