Ethereum Price Analysis: ETH/USD is still plummeting to $200

Ethereum price hit a wall at $230 in this week’s staged recovery. Bulls have been forced to seek refuge at the initial support ($225). The crypto’s immediate downside is supported by the 50-day SMA. Meanwhile, ETH/USD is trading at $225.48 amid consolidation across the crypto market.

ETH/USD is also trading at the apex of a symmetrical triangle pattern. A breakout is unlikely above the pattern’s resistance in the near term considering the price is locked under $230. On the flip side, a breakdown is highly probable owing to the fact that, Ethereum price is barely holding above the triangle support. Support at $220 and $215 are expected to come in handy in the event triangle breakdown is followed through to $200.

In the meantime, consolidation seems to be carrying the day. Sideways trading action is highlighted by the RSI and the MACD. If the technical picture remains unchanged we can expect pivotal movements around $225 in the coming sessions. It is correct to say that the trend is neither bullish nor bearish as we usher in the European session. However, a lot can happen, especially if the symmetrical triangle support caves in.

ETH/USD daily chart