Ethereum Price Prediction: ETH/USD Jeopardizes Key Support as the Price Drops Below $200

Updated: 05 August 2023

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ETH Price Prediction – May 21

Ethereum (ETH) is back to moving within a bearish pennant structure, subject to further potential downside pressure.

ETH/USD Market

Key Levels:

Resistance levels: $235, $240, $245

Support levels: $175, $170, $165

ETH/USD is back below the 9-day and 21-day moving averages following the bulls’ inadequacy to clear the resistance at $215. The tentative support at $200 did not match up to the selling pressure whereby the declines touched $191 which happens to be the intraday low. Besides, the 9-day moving average did little to halt the drop at the moment while the 21-day moving average couldn’t save the coin from falling.

However, the technical signal by the RSI (14) suggests that the bears may continue to remain in control. If the indicator dives below 50-level, ETH/USD could breakdown to the primary support at $180. For now, a sideways movement between $200 and $215 could be a welcomed move which may likely allow the buyers to forge another attack on $235, $240, and $245 resistance level in the coming sessions.

However, if the price drops below the $185 support, the coin may likely locate the critical support at $175 which is a close support level for the bears. A bearish continuation could bring the market to $170 and $165 support levels.

When compares with BTC, the recent price decline continues to place the ETH/BTC pair in a downward trend after witnessing a bullish price action a few days, indicating an undecided market. The price action is still trading around the 21-day moving average while the 9-day moving average still serves as close support. Looking at a long-term bear market, the 0.020 BTC and below could provide further support levels for the next selling pressure.

Moreover, we can say that the sellers may likely return to the market after a little indecisive appearance. However, if the 2100 SAT can act as a solid line of defense against any further downtrend; buy pressure at 0.024 BTC and 0.026 BTC resistance levels can be expected. The RSI (14) is currently moving sideways.

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