Ethereum Price (ETH) Remains At Risk Of More Downsides Below $215

THELOGICALINDIAN - Ethereum amount is trading with a bearish bend against the US Dollar and bitcoin ETH amount ability abide to abatement unless it climbs aback aloft the 222 axis level

Ethereum Price Analysis

In the accomplished two days, ETH amount faced an access in affairs absorption from $230 adjoin the US Dollar. There was a abiding abatement beneath the $225 abutment level. Moreover, Ethereum amount alike bankrupt the key $222 abutment akin and acclimatized beneath the 100 alternate simple affective average. On the added hand, bitcoin amount mostly traded with a absolute bias, but it seems to be disturbing abreast the $12,000 resistance.

The contempo abatement in Ether’s amount was such that the amount alike bankrupt the $220 support. A new account beat low was formed abreast $214 and the amount is currently acclimation higher. It traded aloft the $218 akin additional the 23.6% Fib retracement akin of the contempo bead from the $226 aerial to $214 beat low. However, the advancement move was capped by the antecedent abutment at $220.

Moreover, Ethereum amount bootless to beat the 50% Fib retracement akin of the contempo bead from the $226 aerial to $214 beat low. More importantly, there is a above crumbling approach basic with attrition abreast $221 on the alternate blueprint of ETH/USD. Therefore, the brace is adverse a able attrition abreast the $220, $221 and $222 levels. To alpha a beginning increase, the amount has to beat the $222 resistance.

On the downside, an antecedent abutment is abreast the $215 level. If there is a downside breach beneath the $215 support, the amount could advance appear the $210 support. The abutting above abutment is abreast the $202 level, area the beasts may booty a stand.

Looking at the chart, Ethereum amount is adverse an acclivous assignment abreast the $220 and $222 attrition levels. Moreover, bitcoin’s animation is putting a lot of burden on ETH beneath $230. Therefore, the beasts charge to accretion backbone aloft $222 to revisit the key $230 resistance.