Will there be a rebound of Ethereum after the fall? The opinion of the traders
Source:Against the backdrop of falling Bitcoin in the Ethereum failed to hold above the major support and also rapidly went downhill. Cryptocurrency may be a little to regain lost ground, but it is unlikely that the price action will go above $ 210.
The Overall situation looks like this:
the-
the
- the value of the asset has fallen sharply and has broken two levels of support (220 and 214 dollars). Now they have turned into a resistance zone; the
- ETH price also fell below the short term uptrend; the
- at the lowest point on the Ethereum has slipped down to 193 dollars. Cryptocurrency for a short period was trading below $ 200.
At the moment the coin is estimated at 200 dollar. For the past day it has lost 11.5 percent of the value.
theTechnical analysis
A few days before draining the asset several times tested resistance area 226 and $ 230. After unsuccessful attempts to rise, the bulls surrendered, and the Ethereum fell back to almost $ 220. This gave the power sellers and they were able to push the asset price down. Trading Ethereum continued under the support of the moving average and 100 SMA on H1 chart.
To initiate the current drain, it took just one trigger — the drop below the short term uptrend. After this event, the cryptocurrency had lost a few dozen dollars of value. The bears were sent to ETH in the fall up to 193 dollars, but after Bouncing the asset has again fixated above two hundred.
Talking about the upward price movement yet. Now absolutely all coins are tied to Bitcoin, so their growth directly depends on the main cryptocurrency. Besides Ethereum formed strong resistance in the zone $ 210.
image Source — NewsBTC
MACD on H1 chart indicates the continuation of the bearish scenario. But the RSI is in oversold zone, so that in the near future, the asset may revert to $ 210.
Analysis of schedules prepared .
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