ETH Fails to Move Past Set Barrier Opening a Path for More Plunges
Recent price movements of ETH shows a possibility of further drops. For instance, just yesterday, the coin could not cross the block at $235 and instead plunged by 15%. Just below the $215 support, there was a slight break at the 100 hourly SMA.
There were further price plunges below the $200 mark. Further, ETH’s price dropped to set the lowest monthly price at $196 and started experiencing losses.
The $205 barrier was formed on the price, and there will be further price plummets if the price does not manage to surpass the current barrier.
However, the most substantial barrier is between the $200 and $195 levels. If the current bear market manages to drag the ETH price below $196, further price plunges could hit the $185 support. A drop to the $185 low could make it easy for the bulls to buy more.
What will happen if the price manages to recover past the $205 mark? The recovery could create an opening for an even more comprehensive short term recovery.
The immense resistance on the upside will lie between $212 and $215 if the shoot’s prices are higher. As at the time of writing this news, ETH’s total market cap had dropped by 13%, and it is now trading at $201.