ETH/USD:
Support: $200, $194, $188.
Resistance: $211, $220, $225.
ETH/BTC:
Support: 0.0227 BTC, 0.0223 BTC, 0.022 BTC.
Resistance: 0.0236 BTC, 0.024 BTC, 0.0247 BTC.
Ethereum is trading at the $203 support provided by a .236 Fib Retracement level as it battles to remain above $200. Yesterday, it dropped as low as $194 but quickly recovered to trade back above $200.
The cryptocurrency remains bullish in the short term and would have to drop beneath $175 to turn bearish, however, ETH could head beneath $200 over the next few days as the BTC block halving approaches.
If the sellers break the $203 support and push beneath $200, the first level of support is located at $194. This is followed by support at $188 (.382 Fib Retracement) and $180 (100-days and 200-days EMAs). Beneath this, added support lies at $175 (rising trend line & .5 Fib Retracement).
On the other side, if the bulls rebound from $203, resistance would be expected at $211 and $220 (1.272 Fib Extension). Above this, added resistance is located at $225 and $230.
The RSI is dropping as it approaches the 50 line to indicate that the bullish momentum is dying. If it breaks beneath 50, ETH would drop beneath $200 and head toward the $188 support.
Ethereum has been struggling greatly against Bitcoin in May 2020. The coin started the month at 0.024 BTC but has since fallen as low as 0.0227 BTC (200-days EMA) yesterday.
The cryptocurrency dropped beneath its previous trading range toward the end of April 2020 as it fell beneath the 0.0247 BTC support. Since that moment, Ethereum has been tanking against BTC as investors flock to put their money in Bitcoin itself ahead of the block halving event.
If the sellers push lower, the first level of support is at 0.0227 BTC (200-days EMA). This is followed by support at 0.0223 BTC (.618 Fib Retracement), 0.022 BTC, and 0.0213 BTC (.786 Fib Retracement).
On the other side, if the bulls can defend the 200-days EMA and rebound, resistance is located at 0.0236 BTC, 0.024 BTC, and 0.0247 BTC (bearish .618 Fib Retracement).
The RSI has dropped to oversold conditions as the sellers dominate the market momentum. However, the Stochastic RSI is primed for a bullish crossover signal in oversold territory, which will be the first signal that the sellers have reached exhaustion.
