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Ethereum Price Prediction: ETH/USD Price Drops Below $190 Following The Latest Bitcoin Plunge

ETH Price Prediction – May 11

Ethereum (ETH) is down with a 0.87% price decline over the past 24 hours of trading as the cryptocurrency rolls over and drops beneath $190.

ETH/USD Market

Key Levels:

Resistance levels: $230, $232, $234

Support levels: $145, $143, $141

ETHUSD – Daily Chart

Since a few days ago, ETH/USD has not been able to climb much higher from the $215.81 level as the market started to roll over and fall within the channel. ETH/USD remains below the 9-day and 21-day moving averages but it can rise higher and break above the last month’s high at around $227.11 if the bulls put more effort.

However, if the sellers continue to add downward pressure to ETH, initial support is expected at $145. Beneath this, support can be found at $143 and $141. On the other hand, if the bulls can defend the $186 level and allow ETH to rebound, an initial resistance is located above the moving averages at $220. Above this, additional resistance is expected at $230, $232 and $234.

More so, the RSI (14) has been falling toward the 45-level which shows that the previous bullish momentum is starting to fade. If the technical indicator manages to remain above the 50-level then the bulls stand a chance to allow Ethereum to rebound at $190. However, if it penetrates beneath, the cryptocurrency may continue a downward spiral.

ETH/BTC Market

Against Bitcoin, Ethereum is experiencing some difficulties, especially in the past few days. More so, Ethereum recently broke under solid support at 2100 SAT and continued to fall through subsequent support level to 2000 SAT. The critical support level is found around the 1900 SAT and below.

ETHBTC – Daily Chart

Since a few days ago, ETH remains in a neutral market condition as it managed to rebound higher above the 2300 SAT. However, if it drops back beneath the 2100 SAT then the market would have to be considered as bearish and the support levels to watch are 1900 SAT and below. To turn bullish, ETH must rise much higher and break above the 2400 SAT level and above.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.