- The bears are showing no mercy for ether price as it is reaching the crucial level of $198
- It is also facing significant overall loss in today’s market of -1.50%.
- However, after breaking below the price mark of $190.00, ether can revive its buying volume which means the market can treat it as a buying opportunity.
On the 7day-weekly chart, ether started by going above the crucial level of $210. The overall positive movement in the market indicated that it will be facing positive momentum in the market for a while. However, the overall market conditions had something else to offer and significant price corrections are going in the market. This resulted in Ethereum ETH Price breaking below the crucial level of $200 again.
Breaking below the $200 mark has opened up more vulnerability to the second largest crypto asset in the world. The downtrend continued for ether in today’s market also until it got to the major support level of $198.
Another fall below the price level of $200 has weakened the support level of $190.00 and the cryptoasset may plunge more this time. However, after breaking below the price mark of $190.00, Ethereum can revive its buying volume which means the market can treat it as a buying opportunity.
Ethereum Technical Analysis
The Ethereum ETH price technical chart indicates that the level of $190 can be a good buying opportunity for investors. Also the fib retracement level is below 0.618 which indicates that ether might be able to sustain on the support level of $190. The levels also indicate that any further downfall can bring the price levels to $170 mark also.
The MACD levels also show that ethereum is getting significant selling volume after breaking below the price level of $200. The buying volume also attempted to make a bullish cross but was unsuccessful. This has indicated that ether is not incapable of starting a positive movement in the market
The 24hr-RSI also avoided a negative divergence to the oversold region by reaching the depth of the normal territory. The positive divergence might help RSI to reach the neutral level of 50.
The 24hr-CCI has been extremely volatile for the past few days. After touching the peak of the overbought region, it had a negative divergence to the oversold region. However, it is still showing positive nature in the oversold region
Resistance level: $200
Support level: $198 and $190