Ethereum Price Analysis: ETH/USD slithers under $200, can the 50% Fibonacci level hold?
|- Ethereum price pullback from $210 resistance targets the $191 support zone.
- ETH/USD is technically poised for more downward action in the short term.
Ethereum price is ending the Asian session on Monday in the red. The bearish action comes after Ether advanced to highs of $227 on Thursday last week. The reversal that ensued saw the price test the support at $200. However, the bulls remained focused, preventing a return into the $190’s range. There have been attempts to pull ETH/USD towards the hurdle at $220 but the affinity for declines has been on the rise.
At the time of writing, Ethereum is trading at $199. The second-largest cryptocurrency has lost over 4% of its value on the day. According to the RSI, the downward action is likely to continue in the short term. Glancing lower, the next support target is the 50% Fibonacci retracement level taken between the last swing high of $291 to as a swing low of $90. Continued bearish action below this level could seek refuge at the 200-day SMA as well as the ascending trendline.
Ethereum key intraday levels
Spot rate: $199
Relative change: -11.12
Percentage change: -5.59%
High: $210.07
Low: $197.48
Trend: Bearish
Volatility: High
ETH/USD daily chart
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