Ethereum price analysis: ETH/USD is a whipping boy of the cryptocurrency market
|- ETH/USD is down 2% since this time yesterday, recovery is capped by $200-210 area.
- ETH is on the verge of epic collapse if $200 is not regained any time soon.
Ethereum is changing hands at $193.70, down 1.4% since the beginning of Tuesday and 2% on a daily basis. The second largest cryptocurrency is one of the worst performing digital coins as it has lost over 30% in recent 7 days amid global cryptocurrency collapse.
Ethereum's technical picture
On the intraday level, ETH/USD is capped by SMA50 (1-hour chart) at $196.69, followed by critical $200 handle, strengthened by SMA100 (1-hour). The next strong resistance is created by a confluence of technical indicators above $210 handle. Once this area is cleared, the recovery may be extended towards $234.54 (SMA200) and psychological $250.
On the downside, the nearest support is created by Monday's low at $186.44, followed by $185.00 (Sunday's low) and $177.80 (the lowest level since July 29, 2017). Basically, there is no convincing support that couls stop the bears untill $170, while the bulls have to regain $200 as quickly as possible, otherwise, ETH will nose dip with unpredictable consequences.
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