- Ethereum support at $210 fails to hold: Staring towards $200.
- If $200 support in penetrated, ETH/USD could breakdown to $190.
Ethereum extended the negative price action at the opening of the session this week. The selling pressure pressed down on the key support at $210. On infiltrating trendline support, re-energized sellers acted massively on price. Ethereum is seeking support at $205 while staring towards $200 (next support target).
Looking at Ethereum technical levels in the hourly timeframe, we see a bearish picture in the near-term. The sharp decline is supported by the negative divergence in the Moving Average Convergence Divergence.
On the brighter side, Ethereum is oversold. The Relative Strength Index (RSI) signals an impending recovery in the coming sessions. Besides, traders can look out for a correction above 30 and a sustained momentum above $205 to place buy orders.
The ability of the price to stay above $200 will determine Ethereum’s potential to reclaim $210 support. On the flipside, if $200 support in penetrated, ETH/USD could breakdown to $190 and $180 support areas respectively.
ETH/USD 1-hour chart