Ethereum price analysis: ETH/USD massive retreat now targets $200


  • Ethereum has been pulled down by Bitcoin’s correction to $9,600.
  • The battle to sustain ETH/USD is underway; technical levels suggests buyers must work harder.

Was it a trap? The recent massive bullish correction among the leading altcoins caught everybody by surprise. As Bitcoin struggled with the resistance, pressed down towards the vital $10,000, cryptos such as Ethereum, Ripple, Litecoin and Bitcoin Cash sprung up in bullish motion. Ethereum, for example, corrected above the stubborn resistance at $180, $190, $200 and $210. The bullish leg also touched $217.80 but left $220 untested.

Unfortunately, these cryptos including Ethereum have not been able to sustain the accrued gains. In fact, Bitcoin’s plunge to $9,600 has pulled Ethereum towards $200 tentative support area. If the accelerated bullish trendline is broken, Ethereum could dive further towards $190. However, as long as the 50 simple moving average (SMA) on the four-hour chart stays above the longer term 100 SMA, buyers are likely to have the energy to keep the price above $200.

Similarly, the moving average convergence divergence (MACD) is at ease within the positive zone. However, the uptrend has slowed down on hitting a high around +8.93. A developing negative divergence suggests that Ethereum bears are trying to permanently regain control. The main trendline will become of importance in the event declines are unstoppable below $190.

ETH/USD 4-hour 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD makes it way above 61,8% Fibo retracement

Bitcoin hit the intraday bottom at $7,092 and recovered to the area above $7,400 by the time of writing. While it is still below Wednesday's high ($7,770), the upside momentum Amai gain traction if the price settles above pivotal $7,350 (61,8% Fibo retracement for the move from $3,226 to $13924).

More Bitcoin News

Litecoin Price Analysis: LTC/USD false breakout culminates in a bull trap

Litecoin is trading at $44.33 after a minor recovery from $43.93 (intraday low). Over the last few days, apart from yesterday, Litecoin has been forming a lower high and a lower low pattern.

More Litecoin News

Ethereum Price Analysis: ETH/USD gives back early gains to trade below $146.00

ETH/USD is trading `under $146.00, off the intraday low at $144.03. Despite the sharp movements on Wednesday, November 4, and during early Asian hours on Thursday, the second-largest digital asset has stayed unchanged on a day-to-day basis. 

More Ethereum News

Ripple price analysis: $0.2200 is a hard nut to crack for XRP/USD bulls

Ripple's XRP hit $0.2263 on Wednesday amid strong rally on the cryptocurrency market. However, the upside momentum proved to be unsustainable as the coin retreated below $0.2200 and tested $0.2124 low during early Asian hours. 

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Black Friday injects some volatility into the market

Whether the market has reached the bottom, or more sell-off is in store, the time and the illiquid holiday markets will tell. 

Read the weekly forecast

BTC

ETH

XRP