Ethereum (ETH) Dipped to $210 After Retesting a 6-Week Long Resistance

  • Ethereum, at the time of penning down this analysis, was trading above $200 at $210 after plummeting from a 6-week resistance and intraday high at $227.07
  • With the current dip, ETH coin lost 50-day daily support while still retains 200-day daily support at $201
  • A further fall is not anticipated at present, yet as per the 20-day Bollinger Bands we project about the upcoming volatility as the bands widen
  • However, a dip below $200 will lead to a bearish consolidation

Today, the crypto market is seen having amazing traction as Bitcoin hits a 2-month resistance above $9k and even above $9.2k with a notable growth of over 18% in a brief period of 24 hours. This has, undoubtedly, pumped a winning streak for the altcoins as well. The king of altcoins—Ethereum grew from yesterday’s opening price of $197.30 to the high at $227.53, marking a progression of 15%, just before the unanticipated fall.

Ethereum Price Analysis

Ethereum News
ETH/USD Chart By TradingView

On a half-hourly chart, ETH/USD experienced a volatile day today, until the time of writing against the US Dollar. The price of Ethereum dipped to $210.70 and slipped steeply below 38.20% Fib Retracement level from breaching above upper 20-day Bollinger Band.

Nonetheless, in the current trading hours, BTC also corrected below $9k after a brief height, but we believe that this is just a volatile hit, and it is likely to rebound soon.

Technical Indicators:

The technicals are also drawing a bearish picture as the signal line crosses above the MACD line after the price of ETH coin slipped to $210, and the RSI lies at 39.56 after hitting the oversold region at 30. According to Ethereum prediction, the coin might retest its major suppport of 200-days MA before registering recovery.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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