Ethereum (ETH) Price Smashes Support, More Downsides Possible

THELOGICALINDIAN - Ethereum amount is extending its abatement against the US Dollar and bitcoin ETH amount could abide to abatement and it ability anon analysis the 192 support

Ethereum Price Analysis

After a bootless attack abreast $215, ETH amount started a bottomward move adjoin the US Dollar. The amount traded beneath the $212 and $210 abutment levels. Moreover, it acclimatized beneath the $210 akin and the 100 alternate simple affective average. More importantly, the amount bankrupt the $202 and $200 abutment levels. A new account low was formed abreast $198 and the amount is currently accumulation losses.

It is testing the 23.6% Fib retracement akin of the latest bead from the $210 aerial to $198 low. It seems like the antecedent abutment abreast $202 is acting as a resistance. On the upside, there are abounding key resistances abreast the $205, $208 and $210 levels. Moreover, there are two above bearish trend curve basic with attrition abreast $208 and $210 on the alternate blueprint of ETH/USD.

The 50% Fib retracement akin of the latest bead from the $210 aerial to $198 low is abreast $205 to act as a solid resistance. The capital attrition is abreast the aboriginal trend line, the 100 alternate SMA, and $208. If there is an upside breach aloft $208 and $210, Ethereum amount will best acceptable move aback into a absolute zone. The abutting key attrition is abreast the $220 level, aloft which it could retest $225.

Conversely, if the amount fails to beat the $208 and $210 attrition levels, it ability abide to decline. An actual abutment is abreast the $198 low. If there is a downside breach beneath $198, the amount is acceptable to analysis the $195 and $192 abutment levels.

Looking at the chart, Ethereum amount is acutely crumbling and is trading beneath a few key resistances such as $208 and $210. As continued as the amount is trading beneath the $210 support, there are affairs of a downside addendum appear the $192 level.