Ethereum (ETH) Price Highlights
- The price has broken down below a significant support line.
- There is support at $195, $180, and $155.
- The daily RSI is bearish.
- ETH/BTC is trading in a range between ₿0.025-₿0.027.
$ETH #ETHEREUM— Michaël van de Poppe (@CryptoMichNL) March 9, 2020
This one couldn't break up either and provided a bearish retest.
But think we'll see a bounce towards $215-220 before I'm aiming $170-180 as serious long zones. pic.twitter.com/t6yo3FOXPe
Support AreasThe Ethereum price had been following an ascending support line since Jan 3 but broke down from it on March 8. The breakdown was extremely significant since the price created a massive bearish engulfing candlestick and also fell below the 50-day moving average (MA). There are three main support areas:
- $195 – which the price has reached.
- $180 – very important support area that coincides with the 200-day MA.
- $155 – the final support level prior to a 100% retracement.
Ethereum/BitcoinAs for the ETH/BTC pair, it has been holding up relatively well during Bitcoin’s decrease. As @PostyXBT outlined, it is trading inside a range between ₿0.025-₿0.027, currently being very close to the support area.
Even though the price is holding on to support, it has been consistently making lower daily closes, the final one being right inside the support area. In addition, the ensuing bounces have been weaker. The daily RSI is barely holding on above 50. So, it looks as if the price will break down and head towards the next support area at ₿0.0225. To conclude, the Ethereum price has broken down below a significant support area. While a relief rally is possible, the price is expected to eventually decrease to the support areas outlined above.
$ETH— Posty (@PostyXBT) March 9, 2020
The range continues…#ETH is my signal for when I should put more attention towards alts again.
If we have a bullish break out of this range, then it's time. Until then, focusing most of my time on Bitcoin PA. pic.twitter.com/H1x4ipxkee
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.