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ETH/USD goes below $200.00 amid the bloodbath on the cryptocurrency market

ETH/USD goes below $200.00 amid the bloodbath on the cryptocurrency market
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

The second-largest digital asset dropped below a critical $200.00 and touched the intraday low of $196.33. At the time of writing, the second-largest digital asset is trading at $198.69, down 5% since the beginning of the day. 

The sell-off is caused by technical factors and general sentiments on the market where Bitcoin touched the ground below $9,000, while XRP settled under $0.2000.

From the technical point of view, a sustainable move above $200.00 is needed to improve the short-term picture and allow for an extended recovery towards the intraday high of $211.00 reinforced by a combination of 1-hour SMA50 and SMA100.

ETH/USD 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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