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Like most of the cryptomarkets, Ethereum dropped 12.9% in the last 24 hours of trading against the USD. The market is now trading at a price around $ 186 at the time of writing, bringing the total decline of 7. day trading for Ethereum to -16.93%.
- The cryptocurrency wipeout has re-ignited Ethereum once again under $ 200.
- The market has recently found support in the $ 180 handle.
- Support to move forward; $ 180, $ 169.55, $ 160, $ 155, $ 150, $ 146.
- Resistance advancing; $ 188, $ 187, $ 200, $ 202, $ 212, $ 222, $ 234, $ 255, $ 271, $ 278, $ 290, $ 300.
Ethereum remains in second place in terms of overall market capitalization rankings with a total market cap of $ 18.69 billion. The 39-month currency saw a 90-day trading period when markets fell -36.99%.
We try to continue to analyze medium-term price action and to highlight any potential support and resistance in the future.
Price analysis of Ethereum
ETH / USD – MEDIUM-TERM – DAILY DAILY
Analyzing the price action from the above medium-term perspective, we can see that the significant fall in prices that occurred today caused the price action to fall below the short-term triangle that was forming at the 39, inside the market in the last 10 weeks or so.
After the price action broke below the triangle, the market continued to fall further below the $ 200 limit and eventually the $ 180, in short. At the time of writing this article, the market has recovered slightly since Ethereum continues to hold up well against Bitcoin, causing the ETH / USD to not fall further.
We can see that the market is currently trading just under the support provided by the Fibonacci .786 retracement level (drawn in blue) for $ 188.73. This Fibonacci retracement is measured by the previous bullish swing phase when the price action started at a low of $ 167.32 on September 12, 2018 and continued to reach a maximum of $ 255 on September 22, 2018. Yes it is a total price increase of 50% from low to high.
Going forward, if the bulls can reorganize and push the price action over the handle of $ 188.73, we can expect immediate resistance before being at the .618 and .5 Fibonacci Retracement levels (drawn in blue ) priced at $ 202.69 and $ 212.50 respectively. If the bullish momentum continues higher, more resistance can then be located at the Fibonacci retracement levels .382 and .236 (traced in blue) at the price of $ 222 and $ 234 respectively.
Alternatively, in our bearish scenario, if Bitcoin continues to decline and Ethereum can not maintain its value against Bitcoin, we can expect this market to head further down. In this case, we can expect the immediate support below to be located at the Fibonacci retracement level (886) (drawn in blue) at the price of $ 180. This support area is supported by a long-term extension of the 1.414 Fibonacci Extension level. (drawn in green) that adds to the strength expected in this area.
If sellers continue under the $ 180 handle, we can expect further support below the Fibonacci extension levels of 1,272 and 1,414 (drawn in lilac) at the price of $ 169 and $ 160 respectively followed by the extension level Fibonacci 1.618 (drawn in lilac) priced at $ 146.35.
Summary
Item name
Price analysis of Ethereum: Ethereum falls in the middle of the market but finds support for around $ 180
Description
Like most of the cryptomarkets, Ethereum dropped 12.9% in the last 24 hours of trading against the USD. The market is now trading at a price around $ 186 at the time of writing, bringing the total decline of 7. day trading for Ethereum to -16.93%.
Author
Yaz Sheikh
Publisher name
Coingape
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