• ETH/USD bears managed to push the price below $210 support.
  • Strong resistance is created by $218-$221 area.

Ethereum, the second-largest cryptocurrency with the current market capitalization of $21.9 billion, is hovering marginally above critical $200,00. The coin tested this area during early Asian hours; however, this barrier remains unbroken so far. ETH/USD is moving within a bearish trend in sync with Bitcoin (BTC) and the rest of the cryptocurrency market. At the time of writing, ETH/USD is changing hands at $204.34, down 5% on a day-on-day basis.

Read also: Ethereum 2.0 January 3, 2020 launch date remains unconfirmed

Ethereum's technical picture

ETH/USD hit the recent high at $135.71 on July 20 and has been moving down ever since.

On the intraday timeframe, ETH/USD is supported by psychological $200,00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $186 created by SMA200 (Simple Moving Average) on a daily chart. It is followed by the lower line of the 1-day Bollinger Band at $174.80.

On the upside, the initial resistance comes at $211.40 (the middle line of 1-hour Bollinger Band) and $215.50 (SMA50 1-hour). We will need to see a sustainable move above this area for the upside to gain traction with the next focus on $218.50 (confluence of the middle line of 4-hour Bollinger Band and SMA50). Then comes $220 (the upper line of 1-hour Bollinger Band) and $221 (SMA200 1-hour).

Considering the downward-looking Relative Strength Index (RSO), the bear case scenario looks more likely.

ETH/USD 4-hour chart

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin price is trading above two crucial levels, suggesting a stable foothold. Combining this outlook with a bullish divergence signal, BTC holders should expect a favorable outcome. However, since the third quarter will end in a few hours, there is bound to be abnormal volatility in the market, which could trigger massive moves in either direction, so investors need to be cautious. 

More Bitcoin news

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shytoshi Kusama, the project lead for Shiba Inu, has dropped a teaser about Shiba Eternity for the SHIB community. Proponents expect the launch of the collectible card game to be a bullish catalyst for SHIB.

More Shiba Inu News

Staking is coming to Chainlink this December as LINK price stands firm

Staking is coming to Chainlink this December as LINK price stands firm

LINK is trying to find its feet in the wake of declines that followed its rejection from resistance at $8.40. Bulls have managed to sustain a generally up-trending market and Chainlink is up nearly 17.50% from its September low at $6.56.

More Chainlink News

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic price ranges with no directional bias in sight. This trend could continue unless Bitcoin decides to do something. Regardless, investors should prepare for a minor downtrend before ETC rallies. 

More Ethereum Classic news

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP