Ethereum [ETH] Prices Drop Beneath $200 After Major Bitcoin [BTC] Sell-Off

Published by
Ethereum [ETH] Prices Drop Beneath $200 After Major Bitcoin [BTC] Sell-Off
  • Ethereum prices dropped by a total of 10% as it falls to the $190 level.
  • This price drop is largely a result of the BTC price fall.
  • Ethereum dropped by a total of 10% today as the cryptocurrency dropped beneath the $200 level and reached the $190 mark. The cryptocurrency was previously trading above $210 but with BTC breaking back beneath $9,000 today the market started to drop aggressively.

    During the sell-off, Ethereum managed to find support at the 100-days EMA at around $180 where it managed to rebound and reach $190. 

    Advertisement

    Ethereum Price Analysis

    ETH/USD – Daily CHART – SHORT TERM

    ETH/USD. Source: TradingView
    Advertisement

    Market Overview

    Taking a look at the daily chart above, we can see that ETH had reached a high of around $220 during May 2020 and was unable to break above this level. It dropped into $200 during the first week of May but quickly recovered as it headed back above $210. 

    However, when BTC dropped today, we can see that ETH also suffered heavily. It plummetted beneath the $200 level and dropped as low as $180 where it found support at the 100-days EMA. It rebounded higher from here to trade at the $190 level.

    Advertisement

    Short term prediction: NEUTRAL

    The drop back beneath $200 has now turned Ethereum neutral. The cryptocurrency would have to climb above $220 to turn bullish again. A closing candle beneath $180 would likely turn Ethereum bearish in the short term.

    If the sellers do push lower, the first level of support is located at $180 (100-days EMA). Beneath this, support lies at $175 (.382 Fib Retracement), $159 (.5 Fib Retracement), and $150.

    On the other side, if the bulls regroup and push higher, resistance lies at $190, $200, and $210. Above this added resistance is found at $218 (bearish .786 Fib Retracement), $225, $230, and $235 (bearish .886 Fib Retracement).

    Key Levels

    Support:  $190, $180, $176, $170, $160, $159, $150.

    Resistance: $190, $200, $210, $218, $223, $235, $240, $250.

    Advertisement
Share
Yaz Sheikh

Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025
  • 24/7 Cryptocurrency News

‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications

Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…

October 4, 2025
  • Bitcoin News

Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model

Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…

October 4, 2025
  • Bitcoin News

Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH

The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…

October 4, 2025
  • 24/7 Cryptocurrency News

Expert Predicts SHIB Rally as Shiba Inu Restores Shibarium After $4M Hack Shutdown

Shiba Inu’s Layer 2 network, Shibarium, has returned online following a $4 million exploit that…

October 4, 2025
  • 24/7 Cryptocurrency News

FLOKI Makes History With First ETP in Europe as Price Surges 30%

FLOKI has announced the launch of the first BNB chain exchange-traded product (ETP) in Europe.…

October 4, 2025