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Ethereum (ETH) Price Prediction — Can $200 Withstand Ongoing Decline?

Price Predictions
Wed, 03/11/2020 - 11:21
Denys Serhiichuk
Is Ethereum (ETH) about to fall from its current levels or see a slight rise?
Cover image via www.tradingview.com

 After a few days of decline, some coins from the top 10 list have started to slowly rise. Tezos (XTZ) is the only coin from the list that has gone up by more than 1%.

Top 10 coins by Coinstats

Analyzing the overall market capitalization, its index has dropped by $30 Bln over the past week. It currently amounts to $220 Bln.

Cryptocurrency market capitalization

Relevant data for Ethereum is below.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $21 817 219 418

  • Price: $198.25

  • Volume (24h): $17 016 409 203

  • Change (24h): -0.70%

The data is relevant at press time.

ETH/USD: Testing $200 before a more profound drop?

Ethereum (ETH) still has not recovered from the recent sharp decline. The rate of the second most popular crypto has dropped by 0.39% over the last day.

ETH/USD chart by TradingView

On the hourly chart, Ethereum (ETH) is trading sideways in the range between $195-$205. The situation is still bearish, however, the coin is unlikely to drop from its current levels.

Related
Ethereum (ETH) Price Expected to Reach $220 While Breaking Out of Range

In this case, Ethereum (ETH) might re-test the support at $205 shortly. The altcoin is already oversold on the small time frames.

ETH/USD chart by TradingView

On the biggest time frame, the situation is pessimistic. Ethereum (ETH) is located within the falling Wedge pattern, which means that, after a correction from the recent dump, the coin might test the lower levels. In this case, the first crucial support is located in the $180 area

Ethereum is trading at $197.22 at press time.

About the author

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 make 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.

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