Ethereum Price Analysis: ETH Sinks as Bulls Fail to Hold $200 Support Level

Key Highlights

• The current downtrend may reach a low of $140
• ETH/USD pair may be oversold at the low of $140

Ethereum (ETH) Current Statistics

• The current price: $139
• Market Capitalization: $15,386,613,139
• Trading Volume: $18,032,437,507
• Major Resistance Zones: $175, $200, $225
• Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis March 12, 2020

Today, Ethereum (ETH) has fallen to the low of $139 after three days of consolidation above $200 support level. There is the tendency of further selling to a low of $125. This downward movement was caused by a bearish triple top pattern.

This bearish trend has already been established when Ether reached its peak price of $286. The bulls took the price to a high of $286. They intended to break the overhead resistance but were repelled on three occasions. On each occasion, the price would fall to a low of $250 and resumed an upward move.

On the third attempt, the downtrend resumed. Currently, the bulls could not hold the $200 support level but after three days of fluctuation, the bears broke the support level, and the market fell to the low of $139. Now if the current support holds, it is respecting a historical price level in November 2019. On the other hand, if the selling pressure is continuing, ETH will find support at $125.

Ethereum Technical Indicators Reading

Ethereum is currently trading at level 31 of the daily Relative Strength Index period 14. This indicates that the market is approaching the oversold region. Ethereum may reach the oversold region if it falls to a low of $125. If it does, selling pressure may be exhausted, and then we expect the emergence of bulls.

Conclusion

Ethereum is likely to further depreciate to the low of $125 as the market is not yet oversold. It is likely that more buyers may emerge at the $125 support level. Traders are to look out to buy setups as the market approaches the oversold region. This is to enable them to initiate long trades.