Ethereum price analysis: ETH/USD embarks on the downtrend beneath $190
|- The weekend action failed to catapult Ethereum to $200; bears takeover under $190.
- Ethereum has a bearish bias in the short-run and could possibly test $188 and $184 support areas.
Ethereum like the other major cryptocurrencies tanked in value on Friday. The price annoyingly gravitated towards the key $180 support but formed a low at $180.69. A following shallow recovery stepped above $190. Further movement towards $200 fell short at $192 leaving the gate wide open for bearish action.
Meanwhile, Ether is trading at $189 after $190 failed to sustain the gains accrued over the weekend. The buyers are fighting to hold above the 61.8% Fib retracement level taken between the last swing high of $194.80 to a swing low of $180.69.
In spite of the reversal, the 50 SMA on the 1-hour chart is crossing above the 100 SMA in a bid to show that all is not lost for the bulls. Besides, the price is above the SMAs and is likely to make a higher consolidation.
The RSI is gravitating from the overbought and heading towards 50. As long as the retreat stays intact, Bitcoin is likely to explore levels towards the short-term support at $188 and $184 respectively.
ETH/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.