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

  • Ethereum facing a make or break situation as possible triangle breakdown eyes $200.
  • ETH/USD ongoing consolidation to last longer if the technical picture as per the RSI and MACD remains unchanged.

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

ETH/USD price 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

War for dominance hit the bedrock of the market

The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.

More Bitcoin News

BCH/USD in retreat after gaining 7% in a matter of minutes

Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.

More Bitcoin Cash News

ADA/USD extends the decline, $0.1000 at risk

Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.

More Cardano News

ETH/USD volatility ousted as DeFi skyrockets to $2 billion

Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.

More Ethereum News


Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast