- $200 - $205 currently establishing a key support zone.
- Ethereum bulls must push for gains above $220 to escape the looming bear pressure.
Ethereum is struggling to forge a new path following the declines witnessed on Sunday. The bears pressed against critical levels at $220, $210 and $200. The bulls tried and failed to hold ground at $200 paving the way for extended declines at $197. The losing battle between the bears was not unique to ETH. Bitcoin suffered massive losses from $10,200 to $9,300 while Ripple dived under $0.30.
The zone at $200 - $205 is currently coming out as an area with an immense concentration of the buyers. The drop to this level created fresh demand for ETH leading to a correction above the 50 Simple Moving Average (SMA) 1-hour chart. Ethereum touched $215 but the momentum lost steam at the 100 SMA 1-h.
Also read: Cryptocurrency market update: Bitcoin tumbles to $9,300 - Ethereum and Ripple plunge
At press time, Ethereum is dancing at $208 amid growing resistance. Technical levels are slightly positive especially with the Moving Average Convergence Divergence (MACD) holding on to the mean line (0.0). As long as the divergence remains bullish, a correction upwards is imminent. Moreover, the Relative Strength Index (RSI) is horizontal at 45.45 after retreating from 70. Ethereum bulls must push for gains above $220 to escape the looming bear pressure.
ETH/USD 1-hour chart
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