Ethereum Reaches New Yearly High of $208, Enters Corrective Decline as Buying Drops

It appears the digital asset market will remain unstable for the near term. An extended period of stability in the price of Ethereum, BTC and others seems farfetched as of May 13. Any bull run initiated in this period will still face correction in the near term. Only days ago, we reported that the price of Ethereum had initiated a bull run and that ETH was heading for $200 after hitting $182,190 and $182. Now, the reverse is the case. The price of Ethereum turned bearish at the start of trade on May 13.

Ethereum’s price looks like it’s in a correction phase. After climbing to $200 as predicted days ago during the short-lived bull run, the price of Ethereum is now correcting lower against the USD. Although the digital asset still has strong support at $185 despite the correction phase.

Ethereum Price Prediction: The Price of Ethereum Reached $190, $195 and $200 During the Last Three Days

In the last three days, the price ETH has been bullish. There was a rise in Ethereum price over $180 which is a resistance position against the USD. The ETH/USD pair reportedly followed Bitcoin to break a few important resistances at $190 and $195. We can also see that there was a break above $200. The price of Ethereum traded close to $208 before settling well above the 100-hour SMA until recently when it started a downside correction. As of May 13, the ETH price has declined below $195 and $190 both support positions. The price of Ethereum went below the $185 support to trade near $182.

As of the time this content was published according to Coin marketcap, the price of Ethereum was $192.89.

Ethereum Price Prediction: The Price of Ethereum is Still Above $180 Despite Correction

The price of Ethereum is trading above $180 (a support position) and the 100-hour SMA. ETH/USD has already recovered beyond the 23.6% Fibonacci retracement level via the recent drop from $204 to $182. There’s immediate resistance at the upside near $193-194. The 50% Fibonacci retracement level via the last drop from $204 to $182 is near $193. In the event of a successful break above $194, the road may be clear for a fresh rise to $200.

Looking at the downside, there’s an immediate support position near the $186 region. We can also see a new connecting bullish pattern forming with support near the $186 position via the hourly chart of the ETH/USD pair. In the event that there’s a downside break below this pattern, the price of Ethereum may test the 100-hour SMA or $178 which has always been the major support position.

Ethereum Price Prediction: The Price of Ethereum Remains Well Supported at $185 and $180

Looking at the chart of the ETH/USD pair, we can see that the price of Ethereum is correcting gains. However, despite the recent price action, Ethereum’s price is still well supported near the $185 and $180 regions. The key support position is just near the main support at $178. $178 was also a previous resistance position. As long as Ethereum’s price is above $178, it is likely going to bounce back. Once there is a fresh daily close above $200 which is a resistance position, this will trigger a strong rally for the digital asset in the coming weeks.

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