Ethereum [ETH] Sliding Lower Under $220; Is It Going to Revisit $200?

By John Isige
Published July 23, 2019 Updated July 23, 2019
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Ethereum [ETH] Price Just Crosses $240 – Is Ethereum Dapp Bet the Reason Behind Rally
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Ethereum [ETH] Sliding Lower Under $220; Is It Going to Revisit $200?

By John Isige
Published July 23, 2019 Updated July 23, 2019
  • A break above the resistance at $220 could give ETH/USD a boost above $230.
  • Bitcoin (BTC) is inching closer to $10,000 support after failing to hold above $10,500.

Ethereum price although having a bearish bias is relatively stable this week. Most of the trading session yesterday saw ETH/USD defiantly hold onto $220 key level. However, the bulls were overwhelmed by the rising selling pressure during the Asia trading session on Tuesday.

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At the moment, the price is dancing at $216 following a 0.5% loss on the day. The entire market is mostly in the red with most cryptos having succumbed to bearish pressure. Bitcoin (BTC), for example is inching closer to $10,000 support after failing to hold above $10,500. There is a possibility of retracement towards $9,000 will occur before the largest crypto gathers the strength to zoom towards the coveted $14,000.

ETH/USD 4-h chart

Ethereum price Chart
Ethereum price Chart | Source: Tradingview 

Meanwhile, Ethereum’s immediate upside is limited by the 50 Simple Moving Average (SMA) 4-h currently at $219. Marginally above this the pivotal level at $220 will continue to give the buyers sleepless nights. However, a break above the resistance could most likely give ETH/USD a boost above $230.

On the downside, the first support lies at $210 this is after $215 failed to hold in the session after opening today. If this level is also cleared, Ethereum could revisit $200 support. Besides, $190 (recent) lows are still within reach as long as Ethereum remains under $220.

Technically, Ethereum has an inclination towards sideways trading in the coming sessions. Looking at the Moving Average Convergence Divergence (MACD) which is stuck in the negative but holding ground at -2.0, sideways trading is the most likely direction for the price. The relative Strength Index (RSI) has a bearish feel after retreating from highs around 56. It currently holds ground above 40 while in a range to emphasize the sideways trading in the near-term.

ETH Key Technical Levels

MACD: Slightly negative diverging shows ETH has a bearish bias.

RSI: Ranging above 40 after retreat – upside has weak strength.

Key Support: $210, $200 and 190.

Critical Hurdle: 100 SMA, $220 and $230.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1106 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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