NewsletterEthereum Price Forecast: ETH/USD Tanks To $220 But Defends Channel Support, Are The Bulls Safe Now?
- ETH/USD stability from now henceforth depends on the 61.8% and ascending channel support areas.
- Ethereum defends support at $220 after free-fall through last week’s support at $225.
Ethereum was forced down another gruesome ride on Monday during the European session. The second-largest cryptocurrency follows Bitcoin price action closely. As BTC dived under $9,000 for the first time in June, Ethereum broke below last week’s support at $225. At the moment, the digital asset is trading at $224 after establishing lower support at $220.
Despite the massive drop, Ethereum has been able to defend the ascending channel support. As long as Bitcoin this support stays intact, the potential for a reversal would remain high. This support is also aided by the 61.8% Fibonacci retracement level taken between the last swing high at $290.43 to a swing low at $91.41. In addition to that, the daily chart shows Bitcoin Cash trading above the moving averages.
In this case, the 50 SMA is in line to offer immediate support while losses under $200 will sort to seeking anchorage at the 100-day SMA. From a technical point of view, Ethereum is likely to enact a reversal above $225. The RSI has slowed down the downward momentum. Holding above the midline would encourage more buyers to enter the market.
ETH/USD price chart
7:19 AM
According to the MACD, sellers still have the upper hand. However, this does not mean buying activity is non-existent. In fact, the indicator is still holding in the positive region. It shows that there is enough bullish activity to keep Ether above the key support at $220. On the downside, the bulls lack the volume and a catalyst to effect a significant recovery and sustain gains.
Ethereum Key Intraday Levels
Spot rate: $224
Relative change: -7.27
Percentage change: – 3.14%
Trend: Bearish
Volatility: High
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- $12T Vanguard Still Skeptical of Bitcoin Despite Offering BTC ETFs, Calls It a ‘Digital Labubu’ Toy
- Breaking: OCC Grants Ripple Conditional Approval For Banking License
- Crypto ETF Issuer Bitwise Defends Michael Saylor’s Strategy, Urges MSCI Neutrality on DATs’ Inclusion
- Fed’s Goolsbee “Optimistic” About More Rate Cuts Next Year Despite FOMC Dissent
- Coinstore Unveils 5-Year Roadmap as Exchange Marks Fifth Anniversary
- Expert Predicts Bitcoin Price Crash to $75k as ETF Inflows Fall, Treasury Companies Plunge 83%
- HYPE Price Jumps 8% as Open Interest Hits $1.61B — Is $50 Next?
- Is Solana Price Poised for a +50% Bullish Rally? Here’s What to Expect
- Top 3 Price Predictions for Bitcoin, Ethereum, and XRP in DEC 2025
- Will Chainlink Price Break Toward $20 After 84K LINK Reserve Increase?
- XRP Price Target $3 as Spot ETFs Continue to See Inflows
