Can ETH/USD explode to $200 after testing $180?
- Ethereum slumps under several levels including the ascending trendline, $200 and $190 only to find support at $180.
- Ethereum investors quickly exit the pity party, forcing a reversal above $190; all eyes now glued on $200.
Ethereum price plummeted in tandem with Bitcoin’s drop to $8,100. The bearish price action was widespread across the market with the majority of cryptocurrencies posting double-digit gains. Ether is down 8% on the day and exchanging hands at $192. There has been significant growth from the intraday lows at $180.
As investors lick their wounds, they have chosen not to pay attention to the drop instead, keeping buying interest at its peak. For this reason, the trend has turned bullish during the European session. However, holding the bulls back is the low volatility according to the cryptocurrencies live rates table.
The technical picture is generally bearish as shown by the applied indicators on the daily chart. The RSI is seeking stability at 50. A sharp drop from levels at 63.49 increased the sellers’ confidence in the market. The good news is that the buyer congestion at $180 has resulted in a reversal above $190. It is likely that the price action would continue to $200 in the coming sessions. However, buyers are contented with higher support above $190, for now, because it will allow them to focus on other levels at $220 and $250.