Bitcoin losing eight (8%) value from its standing position is no joke for Ethereum price pattern. While occasional rebounds are happening, Ethereum (ETH) needs a major push from the bulls to keep things in order.
The one hundred (100) hourly simple moving average (SMA) and the one hundred and eighty-eight dollars ($188) support were both broken by Ethereum. This was right after Bitcoin (BTC) came tumbling down the five-digit zone below the ten thousand dollars ($10,000) support and Ripple (XRP) went below 0.2800 dollars.
Before this, Ethereum was being pushed to the two hundred ($200) and the two hundred and two ($202) resistance marks that were quite out of reach. The outcome has been a bearish downtrend.
Ethereum price: What to expect?
ETH, recently, was sustained at the one hundred and eighty dollars ($180) support. From there it rebounded-correcting itself above the twenty-three (23.6) percent Fibonacci retracement level between the price range between two hundred and three dollars ($203) on the high end and one hundred and eighty dollars ($180) on the lower side.
The one hundred and ninety dollars ($190) mark acted as a resistance for the cryptocurrency. While ETH was not even able to make it above the fifty percent (50%) Fibonacci retracement level that lied between the $203 high to $180 swing low.
Whereas the major resistance is offered by the one hundred and ninety dollars ($190) mark, a bearish trend line has also formed over it in the hourly interval. Ethereum price will receive support at one hundred and eighty dollars ($180). If the downtrend continues, we’ll see ETH at one hundred and seventy-five dollars ($175) and below it is the support marked at one hundred and seventy-two dollars ($172).
A turnover in the trend will alow Ethereum price to rise to the top. The first resistance that ETH will have to face will be at one hundred and ninety dollars ($190). Next, we have the one hundred (100) hourly simple moving average (SMA) and above that is the one hundred and ninety-five dollars (195) support. The main resistance lies at the previously marked point, at two hundred and two ($202) dollars.
The logical assumption to be made here is that the ETH price will move towards the lower part of the graph (above). We can expect ETH price to break the one hundred and eighty d0llars ($180) support if BTC gets a five hundred dollars ($500) cut from its standing price.