Ethereum Price (ETH) Holding $200 While Bitcoin Dived 6%
- ETH price is struggling to correct higher above the $215 resistance against the US Dollar.
- Ethereum price is still holding the $200 support, while bitcoin declined 6% to trade below $11,000.
- There is a major bearish trend line forming with resistance near $208 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at a risk of more downsides unless it breaks the $215 and $220 resistance levels.
Ethereum price is holding the key $200 support versus the US Dollar, whereas recovering vs . ETH price might continue to struggle as long as it is below $220.
Ethereum Price Analysis
In the past few sessions, there was a steady decline in ETH price from the $216 resistance against the US Dollar. More importantly, bitcoin price gained bearish momentum and declined towards the $10,500 bearish target (). However, Ether’s price remained above the $200 support area and no new weekly low was formed.
The last swing low was formed near $203 and the price is currently correcting higher.