Ethereum price data analysis reveals that the queen of cryptocurrency Ethereum has been suffering for the past five days and came to the month-to-date low point of one hundred and ninety-two dollars ($192) mark.
While the Ethereum price has seen a significant drop in prices in the past twenty-four hours, the cryptocurrency is finally finding corrective support above two hundred dollars at two hundred and seventeen dollars ($217) mark.
Ethereum price chart by Trading View
Ethereum prices started falling on the 14th of July 2019, when the cryptocurrency was trading as high as two hundred and seventy dollars ($270).
On the other hand, ETH price is facing immense correction about the two hundred and ten dollars ($210) mark with a fifty percent (50%) Fib retracement level after the decline to the one hundred and ninety-two dollars ($192) mark.
The current point is crucial since the ETH price is facing even stronger resistance to breaking past the two hundred and eighteen dollars ($218) mark, while the two hundred and twenty-five dollars ($225) is the next major resistance level the cryptocurrency is currently facing.
On the other hand, the hundred-hour simple moving average (SMA) also confirms a strong resistance at the two hundred and twenty-five dollars ($225) mark.
Ethereum price data analysis also reveals that main hurdles would end if the ETH/USD duo prices carry on to the two hundred and thirty-five dollars ($335) mark and break past the resistance there.
If the ETH price manages to hold on to the current prices and slowly move past the two hundred and fifty dollars ($250) mark, the cryptocurrency would be able to attain a bullish trending and a push towards the three hundred dollars mark ($300).
However, if the price fails to break past the resistance levels soon, it is very likely that the ETH prices may drop back under the two hundred dollars ($200) mark as seen recently.
