Ethereum market update: ETH/USD retreating as $205 remains unconquered

  • Ethereum’s failed attempt to correct above $205 culminates in a retreat under $200.
  • The prevailing trend is strongly bearish especially with the RSI heading south.

Ethereum formidable move from last week’s lows smashed through $200 hurdle. However, the failure to break above $205 allowed the sellers an easy-takeover. For this reason, Ethereum is retreating below $200 (failed support).

The most probably short-term support is the 50 Simple Moving Average (SMA) one-hour currently at $197.23. If this level fails to hold, the next tentative support is $195 while extended declines will find cushioning at the 38.2% Fib retracement level with the last swing high from $204.49 to a swing low of $173.03 around $185 area. Last week’s low at $173.03 will offer the much-needed support in case $180 fails to hold.

Read alsoBitcoin price analysis: BTC/USD rising wedge pattern reaction risks breakdown to $9,400

The prevailing bear pressure is analysis-backed. The Relative Strength Index (RSI) is moving further down from the overbought region. The gradual slope shows that Ethereum bears are slowly gaining traction against the bulls. The remaining bullish indicator in the mean-time is the fact that the 50 SMA is widening the gap above the longer-term 100 SMA.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin attempts a dead cat bounce amid a descending channel

Bitcoin (BTC/USD), the most dominantly traded cryptocurrency, is seen attempting minor recoveries on the 9900 handle, having extended the recent declines to 9,850.65, in the wake of a symmetrical triangle breakdown on the hourly sticks seen on Saturday.

More Bitcoin News

Cryptocurrency market update: Bears dominate quiet Saturday trading

Bearish momentum extends on Saturday across the crypto space. Bitcoin is the top weekly loser among five dominant cryptocurrencies. Ripple (XRP/USD) extends its corrective slide from six-week tops into a third straight day today.

More Cryptocurrencies News

Litecoin price prediction: Bears eye 73.00 amid descending triangle, bearish RSI

The fifth most widely traded cryptocurrency, Litecoin, remains on the back foot so far this Saturday. Sellers take back control amid a descending triangle formation spotted on hourly sticks, with eyes on 73.00.

More Litecoin News

Monero technical analysis: Trapped in range, vulnerable while below 83.50

Monero (XMR), the 14th largest cryptocurrency with the current market capitalization of $1.26 billion, is the second-biggest loser among the top 20 widely traded cryptocurrencies. 

More Monero News


Bitcoin weekly forecast: Let the altcoin season begin

All major altcoins demonstrated strong growth while Bitcoin reluctantly oscillated in a tight range and stayed vulnerable to bearish sentiments. The first digital currency spends the best part of the week hovering around $10,200 level.

Read the weekly forecast