Ethereum (ETH) at Risk of Losing its $200 Psychological Support
A crypto-wide pullback is affecting Ethereum ahead of ETH2.0 and the $200 support zone could be lost.
Bitcoin’s sell-off from yesterday has continued.
A crypto-wide sell-off has seen Ethereum battling to maintain the $200 psychological level.
The 200 Day moving average still provides a level of hope for ETH.
Yesterday’s news of the movement of 50 Bitcoin (BTC) from the early 2009 Satoshi era, caused the King of Crypto to dip momentarily. Once the rumor was debunked that it was not Satoshi Nakamoto moving his bags, many crypto traders and investors expected that BTC would hold its own in the markets and perhaps retain the two support levels of $9,500 and $9,300. However, at the time of writing this, Bitcoin is struggling to maintain the $9,050 area of support. The effects of the continual sell-off have had its effects on the entire cryptocurrency spectrum including Ethereum (ETH).
Ethereum (ETH) Struggling to Maintain the $200 Psychological Support Zone
Further checking the markets, we observe that yesterday, Ethereum also experienced a drop due to the news of the 50 Bitcoin supposedly belonging to Satoshi. As a result, ETH dropped from $213 to $203. The digital asset then bounced to around $210 before continuing on its downward trajectory. Ethereum is currently battling to maintain the $200 psychological support zone.
ETH’s 200 Day MA Still Provides Some Hope
Further looking at the 1-Day Ethereum chart courtesy of Tradingview.com, we observe the following.
As with all technical analyses, traders and investors are advised to keep an eye out for the price action of Bitcoin. BTC still has a major influence on the crypto markets and if it keeps dipping, so shall every alt-coin including Ethereum. Additionally, stop losses are advised to protect trading capital.
(Feature image courtesy of Unsplash.com)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.