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ETHUSD Price analysis: Ethereum struggling below the $200 mark

Ethereum continues to face resistance below the $200 mark. If the bears start taking control now, ETHUSD could drop till $185
Ethereum continues to face resistance below the $200 mark. If the bears start taking control now, ETHUSD could drop till $185 soon.

Major cryptocurrencies such as Bitcoin (BTCUSD), Ripple (XRPUSD), Litecoin (LTC), Bitcoin Cash ($BCH), EOS ($EOS), Binance Coin ($BNB), Bitcoin SV ($BSV) and Tezos ($XTZ) are under a lot of attention. Their movements are under a lot of speculation.

Just as optimistic investors are counting on BTC to cross the $8k mark soon, ETHUSD traders are waiting for Ethereum to achieve the $200 milestone.

ETHUSD technicals point at strong resistance below $200

ethereum price

Here’s the daily chart for ETHUSD. Source: TradingView.com

  • The daily chart makes it clear that Ethereum has followed an uptrend since its sharp decline on March 12.
  • The crucial resistance level is at $196. The Fibonacci 23.6 retracement level is around this level as well.
  • However, more than the resistance, it appears that the market is indecisive at the moment. Bulls are not dominant, and neither are the bears.

Investors are not jumping into the ETHUSD ride currently. There needs to be a strong momentum in case ETH looks to move past the $200 soon.

Support is still secure above $190 for ETHUSD

  • The good news for investors is that despite the lack of momentum, the support is secure at around $192. It will prevent the ETHUSD price from spiraling down.
  • Another crucial technical observation is that Ethereum is above the central line of the Bollinger bands. It is the Exponential Moving Average line, and ETHUSD has historically respected this line. Thus, ETH investors have the support on which they can rely.

Investors looking to invest in ETH now should bear the risk-reward ratio in their minds and then invest. The possibility of a short term gain or a short term loss seems to be evenly poised as of now.

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