- Ethereum price started a strong upward move and broke the $185 resistance against the US Dollar.
- ETH price is trading near the $200 level and it might continue to rise in the near term.
- There was a break above a crucial bearish trend line with resistance near $175 on the 4-hours chart (data feed from Coinbase).
- The price is showing positive signs and it could even break the $200 and $202 resistance levels.
Ethereum price is trading with a positive bias above $190 against the US Dollar. ETH price might correct lower, but dips are likely to remain supported near $190 and $185.
Ethereum Price Analysis
This past week, we saw positive signs for Ethereum price above the $175 support against the US Dollar. The ETH/USD pair followed a bullish path above the $180 level and the 55 simple moving average (4-hours). As a result, there was an upside break above the $182 and $185 resistance levels. On the other hand, bitcoin price struggled to gain traction above the $10,400 and $10,500 resistance levels.
During the recent rise, there was a break above a crucial bearish trend line with resistance near $175 on the 4-hours chart. The pair traded close to $200 and it is currently consolidating gains. An immediate support is near the $194 level, plus the 23.6% Fib retracement level of the recent upward wave from the $174 low to $200 high. If there is a major downside correction, the $186 and $185 levels might provide support.
Moreover, the 50% Fib retracement level of the recent upward wave from the $174 low to $200 high is near the $186 level to provide support. Therefore, dips towards the $186 and $185 levels are likely to find a strong buying interest. Below $185, the price might start a fresh bearish wave and it could revisit the $175 support area.
On the upside, there are two important resistances near $200 and $202. If there is an upside break above $200 and $202, the price could rally significantly above the $205 level. The next major resistance is near the $225 level.
Looking at the chart, Ethereum price is trading in an uptrend above $190 and $185. The current price action indicates more upsides above the $200 and $202 resistances. If there is a downside correction, buyers are likely to protect the $190 and $185 support levels.
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently well above the 50 level, with a positive bias.
Key Support Levels – $190, followed by the $185 zone.
Key Resistance Levels – $202 and $225.
Ethereum Price Analysis: ETH/USD heading for the big psychological $200 price mark
- Ethereum price is trading in the red by 6.30% in the session on Wednesday.
- ETH/USD is exposed to a free-fall down to the psychological $200.
- The bears have broken down a critical area of support, which was noted at $250-40 price range.
ETH/USD daily chart
The price is now running at three consecutive heavy sessions of losses in the red.
ETH/USD 60-minute chart
Markets bears have capitalized on a bearish pennant structure, inviting a fresh wave of selling pressure.
Spot rate: 259.20
Relative change: -6.30%
|Today last price||231.07|
|Today Daily Change||-15.73|
|Today Daily Change %||-6.37|
|Today daily open||246.8|
|Previous Daily High||266.2|
|Previous Daily Low||244.75|
|Previous Weekly High||287.04|
|Previous Weekly Low||237.24|
|Previous Monthly High||186.73|
|Previous Monthly Low||125.81|
|Daily Fibonacci 38.2%||252.95|
|Daily Fibonacci 61.8%||258.01|
|Daily Pivot Point S1||238.97|
|Daily Pivot Point S2||231.14|
|Daily Pivot Point S3||217.52|
|Daily Pivot Point R1||260.42|
|Daily Pivot Point R2||274.03|
|Daily Pivot Point R3||281.86|
Ethereum Price Analysis: Is $230 ETH/USD’s last shot at a bullish reversal?
- Ethereum price seeks balance as price dives towards $230.
- Coinbase’s Coinbase Wallet now supports Ethereum Name Service.
The bloodshed in the cryptocurrency market has started to send jitters among investors and crypto enthusiasts. The losses across the board remain vaguely unexplained especially with the Coronavirus fast becoming a global pandemic. One would expect that cryptocurrencies would continue to gain traction in such disastrous natural, geopolitical and economic circumstances.
Meanwhile, Ethereum failed to hold tentative support identified yesterday at $250. Instead, the bulls lost balance allowing the bears to exert more pressure, sending ETH/USD to $235 (intraday low). Trading activities on Wednesday have remained bearish with Ethereum having shed off 3.5% in value by the end of the Asian session. Besides, charts and rates table shows a bearish bias trend amid high volatility.
Coinbase Wallet now supports Ethereum Name Service
In a tweet sent out on February 26, Coinbase says that its Coinbase Wallet has extended support to Ethereum Name Service. The support will ensure that ETH users are able to send their payments to a wallet address that is human-readable instead of the usual hexadecimal address. In other words, users will get the feel of sending funds to an email address as opposed to scrambled strings of text. Note that the address will only function in this way if the user has the address registered with Ethereum Name Service (ENS). At the moment about 133,000 ETH addresses are registered with ENS compared to the total 88 million ETH addresses in existence.
Ethereum price technical update
Ethereum price has managed to pull upwards from the intraday low to trade at $239 at the time of writing. However, the sellers are generally in charge. Moreover, the RSI’s dip into the oversold region while still maintaining a downward slope suggests that ETH/USD reversal would not be forthcoming in the coming sessions. The momentum indicator doubles down on the ongoing selling pressure and emphasizes that the path of least resistance is to the downside.
With the downward movement slowing down, one is left wondering if $230 could be the support ETH has been searching for and, therefore, a bullish reversal is around the corner. If that is the situation, traders should be on the lookout for the RSI’s recovery from the oversold coupled with good volume levels, which could eventually send ETH/USD back in the bullish zone above $260.
ETH/USD 1-hour chart
ETHEREUM STILL COUPLED TO BIG BROTHER, IS ETH ABOUT TO CRASH HARDER?
It was largely predicted that when bitcoin corrects, the altcoins will capitulate. That appears to be happening this week and Ethereum hasn’t escaped as it dumps almost 15% since the weekend.
Digital asset markets are in free fall today, since Monday over $30 billion has been dumped, with over half of that leaving the space in the past 24 hours.
From their 2020 peak above $300 billion total market cap has dumped over 15% to current levels and it looks like the pain is not over yet.
ETHEREUM FALLING FAST
Bitcoin has corrected around 13% from its peak price this year which is a lot less than Ethereum’s losses. As predicted by Bitcoinist last week, the altcoins are capitulating as BTC corrects and fails to hold key support levels.
Since its 2020 high, ETH price has corrected 19% to current levels, hitting a low of $235 during Asian trading this morning. Over the past 24 hours the asset has dumped 11% from an intraday high of $265.
ETH price 1 hour chart – Tradingview.com
Three lower highs since mid-February have mirrored the action on bitcoin’s chart as Ethereum remains hopelessly coupled to its big brother still.14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!
Analysts have also observed the correlation despite hopes that ETH would begin to move independently this year.
“So just understand that this is no reflection on #Ethereum and 100% tied to what $BTC does next. They have not been decoupled.”
At the time of writing BTC has broken down to this level and ETH is still falling so $225 could well be on the cards.
Zooming out shows a healthier picture with Ethereum prices still up 80% since the beginning of the year but this will only remain healthy if the pullback slows down. Any asset that has made such rapid gains is bound to correct harder and faster than slower moving ones and ETH has been on a roll this year.
There may have also been some liquidation from DeFi markets as the total amount of ETH locked has fallen to $2.8 million. The dollar value has also dumped below a billion but that is due to falling ETH prices.
Without pointing out the obvious, the past two months have been a mirror of the price action in June and July last year. The only negative at the moment is that overall high was lower this time around.
Bitcoin really needs to find support above its previous bottom of $6,500 in December for crypto markets to stabilize and a new rally to begin. Only then will Ethereum start to climb again.