Ethereum (ETH) prices failed to break the three hundred dollars ($300) resistance mark and fell well below to the two hundred and ninety-five dollar ($295) and then further to the two hundred and ninety dollars ($290) support levels.
Bitcoin (BTC) didn’t quite achieve its cherished goal of breaking the cloud barrier of twelve thousand dollars ($12,000), and it fell back below to the eleven thousand and five hundred dollars ($11,500).
But the further correction in Bitcoin price resulted in a further drop in Ethereum price to two hundred and eighty-four dollars ($284).
The ETH/USD pair soared up high to three hundred ($300) and then to the three hundred and four dollars ($304) mark levels but it fell down to the two hundred and ninety-five dollars ($295) and stayed at the two hundred and ninety support levels ($290) for some time in the one hundred (100) hourly simple moving average.
Things didn’t just end for Ethereum just there. The prices lurked between the two hundred and eighty-five dollars ($285) and the two hundred and eighty dollars ($280) marks as well.
The Fibonacci retracement level of the recent decline was between three hundred and four dollars to two hundred and eighty, at over twenty-three percent (23.6%). The relative strength index (RSI) dropped sharply below the fifty percent (50%) Fibonacci retracement level and move to near thirty-five percent (35.8%).
The hourly mean average convergence/divergence (MACD) for the ETH/USD pair is gaining the bearish zone.
The tables have turned for Ethereum with major support line being two hundred and eighty dollar mark ($290) and the major resistance being the two hundred and ninety dollars ($290) mark and if Bitcoin falls further below, Ethereum will landslide below its two hundred and eighty dollars ($280) support level.