The crypto market is still struggling to find its feet from the downfall experienced in the past few days as global markets hemorrhage as COVID-19 virus and Saudi-Russia oil price battles accelerates. Ethereum (ETH) hit a low of $191 during the bearish period, and despite bulls trying to break the trend setting the price to $206 on Tuesday evening, Wednesday session started on a backfoot.
ETH/USD dips below $200, retracement or further dip?
The second largest crypto currently trades at$199.36 USD, as at time of writing, representing the third straight day of price movements under 1% for the token. According to crypto analyst, TraderMayne, the price of ETH is currently at a consolidation phase that may set the price to a massive 130% boost in coming days.
ETHUSD swing/position long for a HL – #ETHUSD chart https://t.co/33eFtPY8GG
— Mayne (@Tradermayne) March 10, 2020
The price of ETH perpetual futures balances tightly on the support levels with the retracement levels hovering at the 50% level. Is this a cue for entry on the pair?
ETH set for a 130% spike if price tests $183 USD support
At current levels, the price of ETH looks set to drop further with the $183 USD level providing key support levels for the token. A test of this level might start a recovery for the ETH/USD pair after sideways trading for the past 72 hours.
The daily RSI is finally deaccelerating its downward pace as it oscillates in a plateau at 40, signaling a possible oncoming reversal. If the price dips below the $183 crucial support level, then bears will be on track to retest lower support levels at $164, $156 and $120 USD.
