Are The Bulls Going To Be Able To Defend The Support At $217 And Rebound?
- Ethereum has now dropped by a total of 18% over the past 7-days of trading.
- The cryptocurrency has found some form of support at the $212 level as it attempts to stabilise and rebound.
Ethereum has dropped by a steep 18% over the past 7-days of trading after it rolled over from resistance at $280 from the start of last week. The cryptocurrency continued to drop further lower until finding some recent support at a downside 1.414 Fib Extension level at around $217 and has allowed the buyers to start the battle to try and push higher.
Ethereum remains ranked in the second position as it presently holds a total market cap value of around $24.2 billion.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Market Overview
Since our last ETH analysis, we can see that Ethereum continued further lower beneath the support at $220, provided by the .5 Fibonacci Retracement level. It dropped slightly beneath the aforementioned support as it fell further lower until finding support at $217, provided by a downside 1.414 Fibonacci Extension level.
We can see that the market is now battling to remain above this level of support as the buyers continue to defend the $217 area.
Short term prediction: NEUTRAL
The battle at $217 is keeping ETH from turning bearish. Realistically, it would need to drop beneath $200 before a bearish trend is formed, however, a drop and close beneath $217 will put the market in danger of turning bearish.
If the sellers do break beneath $217, the first level of support lies at $210. Beneath this, additional support lies at $206 (downside 1.618 Fib Extension). This level of support is further bolstered by the .618 Fib Retracement at $205. Beneath this, support can be expected at $200, $191, and $183.
On the other hand, if the bulls can break back above $220, the first level of resistance lies at $228. This is followed by resistance at $240, $248, $267, and $271.
Key Levels
Support: $217, $212, $210, $206, $205, $201, $201, $200, $180.
Resistance: $220, $228, $230, $239, $240, $248, $250, $275, $270.
The cryptocurrency has found some form of support at the $212 level as it attempts to stabilise and rebound.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
Published at Mon, 02 Mar 2020 06:07:37 +0000
Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram