Ethereum (ETH) Is Falling, Critical Support of $200 May Collapse

Ethereum (ETH) Is Falling, Critical Support of $200 May Collapse

Key Resistance Levels: $225, $250, $275
Key Support Levels: $150, $125, $100

ETH/USD Long-term Trend: Bearish
Ethereum is in a downward move as the bulls turned down after failing to break the resistance at $227. The bulls made unsuccessful attempts before its downward move. There are two possibilities as price approaches the critical support of $200. One, the coin can rebound at $200 low to resume the upward move. Two, the bears can break below $200 and sink the coin downward. Ethereum can further depreciate to  $185 low if the selling pressure continues.

ETH/USD – Daily Chart

Chart Indicators Reading:
Ether is falling as a result of the bull’s failures to sustain the upward move. The coin has fallen to level 58 of the Relative Strength Index. The market is still in the uptrend zone. This indicates that it is above centerline 50.

ETH/USD Medium-term Trend: Bearish
On the 4 hour chart, ETH is in an uptrend. Presently, the coin is in an ascending channel but it is falling to the support line of the channel. The downward move may continue as price is below the EMAs. A break below $200, signals the resumption of the downtrend.

ETH/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA and 50-day SMA are sloping upward indicating the upward move. ETH is below 40% range of the daily stochastic. Also, price is approaching the oversold region of the market. In the oversold region, buyers may likely emerge.

General Outlook for ETH
Ethereum is in a downward move. It is not clear the extent of the selling pressure. A break below the critical support of $200 will push the altcoin to the low of  either $180 or $160.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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