Ethereum has dropped by a steep 18% over the past 7-days of trading after it rolled over from resistance at $280 from the start of last week. The cryptocurrency continued to drop further lower until finding some recent support at a downside 1.414 Fib Extension level at around $217 and has allowed the buyers to start the battle to try and push higher.
Ethereum remains ranked in the second position as it presently holds a total market cap value of around $24.2 billion.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Market Overview
Since our last ETH analysis, we can see that Ethereum continued further lower beneath the support at $220, provided by the .5 Fibonacci Retracement level. It dropped slightly beneath the aforementioned support as it fell further lower until finding support at $217, provided by a downside 1.414 Fibonacci Extension level.
We can see that the market is now battling to remain above this level of support as the buyers continue to defend the $217 area.
Short term prediction: NEUTRAL
The battle at $217 is keeping ETH from turning bearish. Realistically, it would need to drop beneath $200 before a bearish trend is formed, however, a drop and close beneath $217 will put the market in danger of turning bearish.
If the sellers do break beneath $217, the first level of support lies at $210. Beneath this, additional support lies at $206 (downside 1.618 Fib Extension). This level of support is further bolstered by the .618 Fib Retracement at $205. Beneath this, support can be expected at $200, $191, and $183.
On the other hand, if the bulls can break back above $220, the first level of resistance lies at $228. This is followed by resistance at $240, $248, $267, and $271.
Key Levels
Support: $217, $212, $210, $206, $205, $201, $201, $200, $180.
Resistance: $220, $228, $230, $239, $240, $248, $250, $275, $270.
