Ethereum price analysis: ETH/USD embarks on the downtrend beneath $190

  • The weekend action failed to catapult Ethereum to $200; bears takeover under $190.
  • Ethereum has a bearish bias in the short-run and could possibly test $188 and $184 support areas.

Ethereum like the other major cryptocurrencies tanked in value on Friday. The price annoyingly gravitated towards the key $180 support but formed a low at $180.69. A following shallow recovery stepped above $190. Further movement towards $200 fell short at $192 leaving the gate wide open for bearish action.

Meanwhile, Ether is trading at $189 after $190 failed to sustain the gains accrued over the weekend. The buyers are fighting to hold above the 61.8% Fib retracement level taken between the last swing high of $194.80 to a swing low of $180.69.

In spite of the reversal, the 50 SMA on the 1-hour chart is crossing above the 100 SMA in a bid to show that all is not lost for the bulls. Besides, the price is above the SMAs and is likely to make a higher consolidation.

The RSI is gravitating from the overbought and heading towards 50. As long as the retreat stays intact, Bitcoin is likely to explore levels towards the short-term support at $188 and $184 respectively.

ETH/USD 1-hour chart

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