ETH Touches $200, Recovery Could Face Hurdles

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Ethereum price declined nearly $100.00 in the past seven days and traded close to the $200.00 support. Similarly, there were heavy losses in bitcoin, ripple, EOS and other major altcoins.

  • Ethereum price failed to climb above $280.00 and declined sharply below $245.00.
  • ETH/USD is facing a major resistance near $232.00 and a bearish trend line on the 30-minute chart.
  • The price remains at a risk of more losses as long as it is trading below the $245.00 pivot level.

Ethereum Price Analysis (ETH to USD)

In the past two days, the crypto market came under a lot of pressure, with significant losses in bitcoin, Ethereum, ripple, BCH, EOS, LTC and other major altcoins. ETH/USD failed to settle above $300.00 and it declined close $100.00 in the past seven days.

Ethereum Price Analysis (ETH to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair broke the key $270.00 and $262.00 support levels to start a strong downward move. Later, the price broke the $245.00 pivot level and settled well below the 25 simple moving average (30-min).

The price even traded close to the $200.00 level and a new monthly low was formed near $202.94. Recently, Ethereum price started an upside correction and traded above the $215.00 level.

There was a break above the 50% Fib retracement level of the recent decline from the $239.81 high to $202.94 low. However, the price is facing many hurdles on the upside near the $225.00 and $232.00 levels.

Currently, the 61.8% Fib retracement level of the recent decline from the $239.81 high to $202.94 low is acting as a resistance. Moreover, there is a major resistance forming near $232.00 and a bearish trend line on the same chart.

To start a decent recovery, the price must break the $225.00 and $232.00 resistance levels, with a close above the 25 simple moving average (30-min).

However, the main resistance is near the $245.00 pivot level, above which Ethereum price might recover towards the $270.00 level. On the downside, the $202.00 and $200.00 levels are key supports, below which ETH price could test the $185.00 support.

The market data is provided by TradingView, Bitfinex.

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