Ethereum (ETH) Suffers Price Decline After Bitcoin (BTC) Price Slope

ethereum ecosystem

Ethereum News Today – Ethereum price commences an intense decline after it failed to exceed the $210 resistance against the US Dollar. There was pause below the key $200 and $190 support levels. HiThe recently highlighted major bearish trend zone is whole with resistance close to $206 on the hourly chart of ETH/USD. Presently, the pair amassing losses above $185 and persists at a risk of more downsides. Going by the recent Ethereum price analysis, Ethereum price is below more than 10% against the US Dollar, after the bitcoin price decline. Currently, ETH price is trading in a bearish zone and it is plausible for the price to hit the $180 level.

Ethereum Price Prediction – A Slim Possibility of an Uptrend in the Price of ETH

The key resistance on the upside is close to the $200 level as against the preceding support. The 61.8% Fib retracement level of the current decline from the $210 high to $181 low is also close to the $200 level. Lastly, the previous highlighted major bearish trend line is whole with resistance close to $206 on the hourly chart of ETH/USD. A possibility of an upside improvement is inclined to encounter a substantial trading profit close to the $195 and $200 levels.

On the downside, instantaneous support is close to the $185 level, beneath which the price could return to the $181 swing low. But if there are more downsides, the price could still break the $180 support.

Going by the Ethereum price analysis chart, Ethereum price is trading in a significant downtrend from well above $220. If it keeps on declining, the odds of a substantial surge above $200 might reduce. The key supports on the downside are close to $180, $178 and $175, where the bulls might take a notion.

Ethereum (ETH) Price Today – ETH / USD

#NamePrice24H %
2
ethereum
Ethereum(ETH)
$144.02
0.240%

Recently, traders and investors experienced an intense decline in bitcoin price beneath the $11,000 support. Nevertheless, the ETH price remained constant above the $200 level. Afterward, BTC prolonged its decline below $200, which ignited an intense selloff in Ethereum price. The outcome of this was a break below the major $202 and $200 support levels versus the US Dollar. More importantly, the price crushed the $192 support and resolved below the 100 hourly mildly moving average.

A current weekly low was established close to $181 and the price is currently amassing losses. It is trading close to the $188 level plus the 23.6% Fib retracement level of the current decline from the $210 high to $181 low. On the upside, there are many barriers close to the $192 and $195 levels. Furthermore, the 50% Fib retracement level of the current decline from the $210 high to $181 low is also close to the $195 level.

Ether News Today – Ethereum Price Prediction – Ethereum News Update

On the Ethereum technical indicator, the analysis goes thus: Hourly MACD – The MACD for ETH/USD is gradually decreasing its bearish inclination. Hourly RSI – The RSI for ETH/USD is presently recouping from the oversold readings. Major Support Level – $180, Major Resistance Level – $195.

Ethereum, while transmitting a trading pressure, was trading with its price at $224.70 and it attained to $217.37 with a decline. The currency improved a little to $220.70 and then again took a plunge to $201.52.Prominently, both the currency have ascertained an impulse pattern. After a recent decline to $201.52, ETH has gradually corrected up. Bitcoin may face resistance at $11,500.22 and support at $11,203.35. While Ethereum can observe resistance at $214.64 and support at $209.45.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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