COINBASE:ETHUSD Ethereum / U.S. Dollar
- Ethereum price faces rejection at $228, tumbles to seek support at $220.
ETH/USD is in grave danger of losses to $200 as long as it stays under the support.
The recovery that ensued following the drop made it above $225 but could clear the seller congestion at $228. Besides, the prevailing trend across the market has a inclination that is favoring the sellers. ETH/USD has reverted back to $220 support. If this zone gives in to the selling pressure, the next rendezvous would be $215 (61.8% Fibo).
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Unfortunately, sellers are unlikely to be satisfied with $215 as their main intent is to breakdown Ethereum to $200. They are supported by various indicators including the Moving Average Divergence Convergence ( ) and the ( ).
The has crossed into the negative region in addition to a visible divergence. If a recovery above the midline fails to occur in the near term, losses for the second-largest crypto are likely to surge. The confirms the picture with its downward slopping motion. Consolidation is possible if it holds above 40 .
For now, buyers should continue playing defense tactics and ensure that the price does not drop under $220. If push comes to shove $215 should be the stopper for the sellers. Focus also needs to shift to $230 as it would help encourage more buyers to join the market.
Ethereum Key Intraday Levels
Spot rate: $221.64
Relative change: -2.74
Percentage change: -1.3%