Ethereum Is Plunging and Its Vulnerable For A Drop To $200

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Published Jun 28, 2020

Ethereum is declining and trading below the $225 support against the US Dollar. ETH price remains at a risk of more losses and it might revisit the $200 support. This past week, Ethereum started a major downward move below the $235 support against the US Dollar. ETH price broke the $225 support level and settled well below the 100 simple moving average (4-hours). It opened the doors for more losses and the price tested the $215 level. Ether is currently consolidating losses above the $215 level, but there are many bearish signs visible. An initial resistance is near the $222 and $224 levels. The 23.6% Fib retracement level of the downward move from the $249 high to $215 low is also near the $224 level. More importantly, there is a crucial bearish trend line forming with resistance near $225 on the 4-hours chart of ETH/USD. If ether price breaks the trend line resistance and $225, it could recover towards the next major resistance at $232 and the 100 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $249 high to $215 low is also near $232. Therefore, the price is likely to struggle big time near the $225 and $232 resistance levels. The bulls need to gain momentum above $225 for a successful bullish push above the $232 barrier. The first support for Ethereum is visible near the $215 level. If the bears manage to push the price below the $215 level, there could be a 3%-5% drop. In the mentioned case, the price is likely to test the $205 and $200 support levels. Any further losses might open the doors for a push towards $185 support. Technical Indicators4 hours MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.4 hours RSI – The RSI for ETH/USD is currently well below the 40 level. Major Support Level – $215Major Resistance Level – $225Take advantage of the trading opportunities with Plus500Risk disclaimer: 76.4% of retail CFD accounts lose money.

All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/06/28/ethereum-eth-vulnerable-to-200/

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Kategorien: ethereum Kryptowährung

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Ethereum Is Plunging and Its Vulnerable For A Drop To $200

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