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Ethereum

Ethereum’s Price Action Could Resemble a “Car Crash” if it Breaks Below $190

Cole Petersen
by Cole Petersen
5 years ago
·
Posted in Altcoins
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • Ethereum has once again declined back down to its long-held consolidation channel around $200
  • The cryptocurrency is now showing some signs of weakness as it continues performing poorly alongside Bitcoin and most other major altcoins
  • This weakness could soon lead it down to a key support level that must be maintained by buyers
  • A failure for ETH to hold above this level could mean a “car crash” style decline is imminent, according to one analyst

Ethereum is once again consolidating within the lower-$200 region. This comes shortly after it was on track to gain some ground against Bitcoin, rallying to highs of over $215 before descending lower.

Buyers are ardently attempting to keep the cryptocurrency above $200, as a decline beneath this level seen yesterday was met with significant buying pressure that ultimately led it higher.

Although analysts are noting that it does appear to be well-positioned to see a bounce around its current price levels, one is also adding that a decline below $190 could be dire.

He even notes that it could trigger a “car crash” style decline that leads it to cut deeply into its recent gains.

Ethereum Hovers Around $200 as Technical Strength Weakens

At the time of writing, Ethereum is trading down just under 2% at its current price of $202. This marks a notable decline from weekly highs of over $215 that were set just a few days ago.

It also marks a rebound from daily lows of $194 that were set yesterday evening as bears attempted to invalidate the cryptocurrency’s strength.

This weakness has come about as the result of a recent technical breakdown that caused Ethereum to invalidate a triangle formation that it was caught within.

One analyst spoke about this breakdown in a recent tweet, noting that the crypto’s “moon mission” is now delayed, referencing a chart pointing to overt technical weakness.

Ethereum
Image Courtesy of Teddy

If buyers fail to hold it above $200 in the coming hours, it could open the gates for Ethereum to see even further downside in the days and weeks ahead.

ETH Could Soon See a Massive Decline if It Shatters Below Key Support 

Another analyst recently offered a mixed outlook on the cryptocurrency.

He explained that he longed yesterday’s dip and is looking to close out above $205. Although it may be flashing some signs of short-term strength, he also notes that the crypto will be an “absolute car crash” if it breaks below $190.

“Took out an ETH long into the lows yesterday and a smaller second position overnight on the dip down. Looking to try and bag $205+. Original position was short from $210. ETH is going to be an absolutely car crash if it starts breaking down below the lows at $190,” he explained.

Image Courtesy of Cold Blooded Shiller
Featured image from Shutterstock.
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Cole Petersen

Cole Petersen

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Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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