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    Home » ETH » Ethereum Price Analysis: ETH Testing Important Resistance At $200 But Remains Weak Against Bitcoin

    Ethereum Price Analysis: ETH Testing Important Resistance At $200 But Remains Weak Against Bitcoin

    Author: Yaz Sheikh

    Last Updated Jun 24, 2020 @ 13:25
    • Ethereum continued to trade in a range between $190 and $200.
    • Against Bitcoin, the price may dip lower if the 0.021 BTC support fails to provide a rebound.
    • The trend remains in a downward range on the 4-hours chart.

    ETH/USD: Ethereum Pushes Toward $200

    Key Resistance Levels:  $200, $215, $226

    Key Support Levels: $175, $166, $152.6, $141

    ethusd_chart
    ETH/USD. Source: TradingView

    The recent crash in Bitcoin’s price from $10000 to $8150 pulled major altcoins in a downward spiral, including Ethereum, which is now trading below $200 key level since last weekend.

    Ethereum’s correction is still mild despite breaking down from an ascending trend line, forming since March 12. However, it might get severe if the price drops significantly beneath $175, which is now acting as temporary weekly support.

    Bulls are attempting to push the price back, and they are now against a serious resistance at $200.

    Ethereum Price Analysis

    The next levels of resistance to look for, assuming $200 is breached, lie at $215 and $226.

    Should the price continue to move sideways for the next couple of days, Ethereum might roll back to the $175 support, where the price rebounded on Monday. Failure to hold above this support could trigger more losses to $166 and $152, indicated white on the 4-hours chart.

    ETH/BTC: Ethereum May Resumes Selling If Rebound Fails

    Key Resistance Levels: 0.022 BTC, 0.023 BTC, 0.024 BTC

    Key Support Levels: 0.021 BTC, 0.0205 BTC, 0.020 BTC

    ethbtc_chart
    ETH/BTC. Source: TradingVIew

    Ethereum failed to regain momentum after attempting to conquer the 0.022 BTC resistance level over the weekend. But, the price plunged back below this mentioned resistance following a long rejection from 0.023 BTC level

    Over the past few days now, Ethereum has remained in a consolidation cycle after witnessing a two weeks plunge from the 0.026 BTC resistance level in April. It’s changing hands around 0.0216 BTC level against Bitcoin following a 1% increase over the last 24-hours.

    Similarly, the price is facing a key demand area of 0.021 BTC level with a potential break or bounce though the trading volume is quite low at the moment.

    Ethereum Price Analysis

    The price is likely to increase if the current 0.021 BTC demand level holds. In this case, resistance to keep an eye on is the 0.022 BTC level, followed by 0.023 BTC. The next resistance target is 0.024 BTC, marked orange on the 4-hours chart.

    A breakdown from this area could initiate a fresh sell action straight to 0.0205 BTC and 0.020 BTC levels in no time.

    Regardless of the above, the price remains under a bearish control as sellers have upper hand to resume pressure in the market.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Ethereum (ETH) Price
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    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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