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Ethereum (ETH) Price Analysis - Losing 17% Over the Day. Can We Expect $200 Shortly?

The rate of Ethereum has dropped by more than 15% over a day. Our price analysis explains whether it has chances to stay above $200 or not

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Against the background of the falling cryptocurrency market, Ethereum is showing around a 17% decline over the last 24 hours. Currently, it looks like the biggest ‘loser’ compared to Bitcoin and Ripple. 

However, it doesn’t mean that traders are switching from Ethereum to other coins, as the trading volume has almost doubled over the last day.

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Ethereum market capitalization
Ethereum market capitalization by CoinMarketCap

Now, let’s get to the chart for understanding the nearest price movements of the leading altcoin.

ETH/USD 1-hour chart
ETH/USD chart by TradingView

On the 1H chart, the rate of Ethereum has already faced two waves of correction since the beginning of July, when each time the price plummeted by more than 10%. Applying the current situation to the graph, we can expect a sideways movement in the range between $215 and $230 in a few days. 

Ethereum should not drop below the psychological $200 mark due to the RSI indicator which is located near the oversold area.

ETH/USD 4-hour chart
ETH/USD chart by TradingView

On the bigger time frame, ETH is looking more bearish, taking into account the falling MACD indicator. In this regard, if bears break the support at $200, we are likely to expect a bounce back to around $240 in August. The increasing index of trading volume confirms such a scenario. 

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At the time of writing Ethereum price is trading at the level near $225.28.

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com