Is Ethereum Heading Toward $180 Next?
- Ethereum saw a 3% price decline over the past 24 hours as the coin slips beneath $200.
- Despite the recent price drops, Ethereum is still up by 37% over the previous 90 days of trading.
Ethereum fell by 3% over the past 24 hours of trading as the cryptocurrency drops beneath the support at $200. The day is not over and the candle has not closed, but if it does close beneath $200 we could see ETH heading toward $170.
The cryptocurrency had rolled over at $150 on Friday and the massive price capitulation in the entire market caused ETH to break beneath a 2-month-old rising trend line to drop into the $200 support level.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Market Overview
Looking at the daily chart above, we can see that ETH had managed to find support over the past 3-days at the $199 level. The cryptocurrency attempted to rebound from here but was struggling to overcome the resistance provided at $205.
In today’s session, we can see that ETH has broken this support as it heads toward $197. We need to remember that the candle has still not closed but if it does, Etheruem could be heading toward $180 at the very least.
Short term prediction: BEARISH
Ethereum remains bearish in the short term and would need to break back above $220 before it can be considered as neutral.
If the sellers do push ETH beneath $199 on the close of the candle we can expect the first level of support to be located at $191 which is provided by a downside 1.272 Fib Extension level. Beneath this, support lies at $190, $185, and $183 which is provided by the .786 Fib Retracement. This is followed by support at $181 (downside 1.414 Fib Extension).
On the other hand, resistance lies at $205. This is followed with resistance at $213 (bearish .236 Fib Retracement), $2240, $227 (bearish .382 fib Retracement), and $240.
Key Levels
Support: $200, $195, $191, $190, $183, $181.50, $180, $170, $167, $160..
Resistance: $205, $210, $213, $220, $227, $240,$245, $248, $250, $275, $270, $280, $300.
Despite the recent price drops, Ethereum is still up by 37% over the previous 90 days of trading.
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 Wed, 11 Mar 2020 11:43:43 +0000
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