Ethereum Price (ETH) Holding $200 While Bitcoin Dived 6%

THELOGICALINDIAN - Ethereum amount is captivation the key 200 abutment against the US Dollar admitting convalescent vs bitcoin ETH amount ability abide to attempt as continued as it is beneath 220

Ethereum Price Analysis

In the accomplished few sessions, there was a abiding abatement in ETH amount from the $216 attrition adjoin the US Dollar. More importantly, bitcoin amount acquired bearish drive and beneath appear the $10,500 bearish ambition (as discussed in the account forecast). However, Ether’s amount remained aloft the $200 abutment breadth and no new account low was formed.

The aftermost beat low was formed abreast $203 and the amount is currently acclimation higher. It bankrupt the $206 akin additional the 23.6% Fib retracement akin of the contempo abatement from the $216 aerial to $203 low. However, the amount is still trading able-bodied beneath the $210 akin and the 100 alternate simple affective average. Additionally, there is a above bearish trend band basic with attrition abreast $208 on the alternate blueprint of ETH/USD.

The 50% Fib retracement akin of the contempo abatement from the $216 aerial to $203 low is additionally acting as a resistance. Therefore, the amount charcoal in a bearish area beneath $210. Above the mentioned $210 resistance, the abutting attrition could be abreast the $212 akin and the 100 alternate SMA. The capital attrition on the upside is abreast the $215 and $216 levels.

On the downside, the $202 and $200 abutment levels authority the key. If there is a bearish breach beneath the $200 support, the amount could accelerate almost 5%. The abutting stop for the bears could be abreast the $190 or $185 abutment area.

Looking at the chart, Ethereum amount is acutely trading in a bearish breadth beneath $215. However, it is captivation the key $200 abutment area. As continued as there is no circadian abutting beneath the $200 support, there are affairs of a abbreviate appellation rebound. Having said that, it won’t be accessible for the beasts to accretion absorption aloft the $215 and $216 attrition levels.