Prediction of Ethereum prices: Ether could test the $ 200 support

6 September 2018 15:14

Key Points

Ether extended losses and broke support for $ 220.00 against the US dollar.

The ETH / USD is currently under consolidation and remains at risk for multiple losses below $ 211.00 and $ 200.00.

ETH / BTC dropped sharply below 0.0360BTC and subsequently found support close to 0.0335BTC.

Technically, 6-hour chart indicators are currently recovering from the oversold region.

Ether Price Analysis

Yesterday we witnessed a fundamental downward shift under the support of $ 250.00 in ETH / USD. Afterwards, the price extended losses, broke the support of $ 220.00 and traded at a new low of several months to $ 211.61.

ETH / BTC fell further below the 0.0360BTC support. Subsequently, the pair found support near the 0.0335BTC level and is currently correcting higher. The upward resistances are 0.0360BTC and 0.0380BTC.

Looking at the 6-hour chart of Eth / USD, the pair decreased significantly after breaking key range support at $ 270.00. Buyers have not even defended support levels of $ 250.00 and $ 220.00. A new minimum of several months was formed at $ 211.61 and the price later recovered some points.

The correct price above $ 220.00 and $ 225.00 levels, but the $ 232.00 level seems to prevent further recoveries as it is close to 23.6% Fibonacci retracement level of the recent decline from $ 292.36 has hit a minimum of $ 211.61

If the Ether buyers are able to clear the resistance of $ 232.00, the price could test the next resistance at $ 240.00. However, the most important resistance for the current correction is $ 250.00 (previous support) and Fibonacci's 50% retracement level of the recent decline.

Lowering to the 2-hour chart of the ETH / USD, the pair seems to be exchanged within a short breakout model term with resistance to $ 230.00 and support for $ 222.00.

Therefore, a 2-hour closing below $ 222.00 could open the door to other disadvantages below the recent low at $ 211.61. Finally, if the price does not exceed $ 210.00, there is the risk of further losses lower than the support of $ 200.00 in the next sessions.

Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.

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