Bitcoin affecting the altcoins, and Ethereum price analysis tells the same tale. Whenever Bitcoin price makes a move on the market was an old thing but these days, good old fear, uncertainty, and doubt (FUD) come into play-this still isn’t any good for the altcoins.
Ethereum (ETH) was having astable enough price tag hung up to it after yesterday’s Bitcoin (BTC) price decline that rallied it below the eleven ($11,000) thousand dollars mark. ETH price is down by almost twelve percent (11.90%) in the past twenty-four hours (24hrs). ETH price stands at one hundred and eighty-three dollars down from two hundred and seven dollars ($207).
ETH price held its ground against the crypto giant’s decision to slide down sloping ground along with it but the traders panicked: FUD kicked and sell signals were green on all crypto exchanges.
The next thing you know, Ethereum price is testing against its supports at two hundred and two dollars ($202). Then at two hundred dollars ($200) while the hundred (100) day moving average at one hundred and ninety-two dollars ($192) did not prove out to be a formidable support mark.
Ethereum’s downfall stationed it below the twenty three percent (23.6%) Fibonacci retracement level at one hundred and eighty eight dollars ($188), the range for which is: one hundred and eighty one dollars ($181) on the lower side of the graph and two hundred and ten ($210) on the higher end.
Ethereum price analysis on the 7-day timeline
The weekly low on Ethereum price analysis charts has been the one hundred and eighty-one dollar mark ($181). The fifty percent (50%) Fibonacci retracement level between one hundred and eighty-one dollars ($181) low to two hundred and ten dollars ($210) high, rests at one hundred and ninety-five dollars ($195).
The Ethereum price analysis reveals that if Ethereum price keeps ascending then the next resistance it will face will be at the two hundred dollars level ($200). The sixty-one percent (61.8%) Fibonacci retracement level marks the aforementioned point as well- in the range of one hundred and eighty-one dollars ($181) low to two hundred and ten dollars ($210) – thus confirming its importance. A minor resistance point at two hundred and six dollars ($206) awaits ETH, uphill.
The relative strength index (RSI) is gaining momentum and retracting from the oversold region, on the Ethereum price analysis charts.
The moving average convergence/divergence (MACD ) has a bearish outlook. Now if ETH goes southwards, then the immediate support it can get is at one hundred and eighty-five dollars ($185).
Below that is the weekly low at one hundred and eighty dollars ($181) and next in line is close-by support at one hundred and eighty dollars ($180). After that, it will look for one hundred and seventy-eight ($178) and the one hundred and seventy ($170) marks as support, respectively.
If ETH price fails to go above the two hundred dollars ($200) mark then a landslide will take it downwards.