ETH Dives Below The $200 Level, Bears Are Now Targeting $185

News / 09.03.2020

Yesterday, ETH failed to climb above the $235 resistance, which resulted in a sharp decline by almost 15%. There was a break below the key $215 support region and 100 hourly simple moving average (SMA). Moreover, the price declined further and traded below the $200 mark.

A newly monthly low was formed around $196 and the price is currently consolidating losses. There is this formation of a key declining channel, with resistance near $205 on the ETH/USD hourly chart. If the price fails to recover above the channel and $205 resistance, ETH is likely to witness more losses.

The first major resistance is seen near the $200 and $195 levels. If the bears manage to pull the price down below the $196 level, it could pave way for a test of the main $185 support. The $185 mark could also be a good buy zone for the bulls.

However, on the upside, if the price manages to recover above the said channel and $205 resistance, it may perhaps open the doors for a decent near term recovery. If that happens, the next targets for the bulls could probably be $212 and $215. The price is likely to face many resistances near the $212 and $ 215 levels, should there be an upside correction in the near term.

At press time, the second largest crypto by market cap is down by 13% and is trading at $201.

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.