- Cryptocurrency markets have lost ground due to a $ 200 decline in the Ethereum.
- Strong support of less than $ 188.61.
- Support to move forward; $ 194.84, $ 190.53, $ 188.61, $ 184.93. $ 180.15, $ 171.32.
- Resistance advancing; $ 200, $ 202.82, $ 212.80, $ 222.78, $ 228.22, $ 245.04, $ 253.69.
Ethereum has seen a drop in prices in the last 24 hours of trading equal to -3.58%. The drop in price meant that Ethereum dropped to $ 200 for the first time since October 9th. Ethereum is currently changing hands at a price of around $ 197.36, at the time of writing.
The cryptocurrency holds its number 2 position in the general market capitalization classifications with a total market capitalization value of $ 20.30 billion. Ethereum has seen a turbulent 90-day period losing -54%.
The cryptocurrency of 39 months is now trading at a price lower than -85% compared to its historical maximum value.
We continue to analyze the price action for Ethereum in the short term and highlight any potential support and resistance areas in the future.
Price analysis of Ethereum
ETH / USD – SHORT TERM – 4HR TABLE
Analyzing the price action from the short-term perspective above, we can see that Ethereum is still trapped in the range of the previous swing seen in September 2018. This price increase saw Ethereum rise from a minimum of $ 167.32 on 12 September 2018 and extend to a maximum of $ 255 on September 22, 2018. It was a total price increase of over 52% from the low to high.
Price action reversed after reaching the top and eventually fell below the symmetrical triangle that had formed in September 2018. Price action fell to find support for the retracement of Fibonacci of the .786 before bouncing again.
Since October 19, 2018, Ethereum has negotiated the level of support provided by the Fibonacci retracement level of .618 at the price of $ 202.82. The recent fall in prices has seen the market slip below this support and the $ 200 handle.
We can see that price action has continued to decline until it has found additional short-term downside support for the 1,414 Fibonacci Extension level (extracted in green) for $ 194.84.
Going forward, if bears continue to pressure prices below support at $ 194.84, they will meet further support following the short-term 1.161 Fibonacci downtrend to $ 190.53 followed by the level of Fibonacci retracement of the .786 at the price of $ 188.61.
If bearish pressure continues to push the market even further down, more underlying support can be located downwards 1,272 Fibonacci Extension (drawn in blue) priced at $ 184.93 followed by the Fibonacci retracement level of .886 at the price of $ 180.15.
Alternatively, if bulls can gain momentum and push higher price action, the first resistance barrier for them to break through will be the $ 200 handle followed by the Fibonacci retracement level of the .618 at the price of $ 202.82. One can expect a further higher resistance to Fibonacci retracement levels of .5 and .382, with a price of $ 212 and $ 222 respectively.
If the bulls continue to rise higher, more resistance is expected above the upside levels 1,272 and 1,414 Fibonacci (extracted in green) at the price of $ 245 and $ 253 respectively.