Ethereum Price Analysis: ETH Marked $200 As Its Current Daily Low, Can It Recover?

The cryptocurrency market went through a major shift over the past 24 hours as Bitcoin briefly dropped below the $10,000 level. Ethereum wasn’t left out of the crosshairs, as it marked a decrease of 6% bringing its price to the $225 level. Furthermore, ETH has also continued to slide against BTC creating fresh multi-year lows.

Nevertheless, it remains the second-largest cryptocurrency with a market cap of $24.10 billion. ETH has now lost a total of 27% over the past 7 days as the cryptocurrency currently trades around at the 200 day EMA support level.

Looking at the ETH/USD 1-Day Chart:

Since our previous ETH/USD analysis, Ethereum fell beneath the support at $270. It dropped below the support at $254 and $240 to reach the current level of support at $225, provided by the 200 days EMA. We can see that ETH even dropped as low as $202 but had since rebounded.
From above: The nearest level of resistance lies at $230 and $240. The resistance at $240 is further bolstered by the 100 days EMA. If the bulls continue to break above $250, higher resistance lies at $254, $271, $279, and $300.
From below: The nearest level of support is located where the market currently is at $225. Beneath this, further support lies at $217, $202, and $200. If the selling continues beneath the $200 level, the next level of support lies at $193 and $178.
The trading volume remains about the average level during the recent round of selling.
The RSI has recently nosedived below the 50 level as the sellers take full control of the market momentum. For it to recover, we will need to see the RSI rise back above the 50 level.

Looking at the ETH/BTC 1-Day Chart:

Against Bitcoin, ETH collapsed below the support at 0.023 BTC and continued much lower. ETH/BTC has found support around the 0.0217 BTC level but the market dropped to as low as 0.02042 BTC during the selling today.
From above: The nearest level of resistance lies at 0.022 BTC. Above this, higher resistance lies at 0.0225 BTC, 0.023 BTC, 0.02395 BTC, and 0.024522 BTC.
From below: The nearest level of support lies at 0.02134 BTC. Beneath this, further support is located at 0.021 BTC and 0.02042 BTC. If the sellers continue beneath 0.02 BTC, the next level of support lies at 0.01967 BTC.
The trading volume has spiked above average during the recent selling pressure.
The RSI is also well below the 50 level in this market as the bears hold control of the market momentum. The Stochastic RSI is also in oversold conditions as we wait for a bullish crossover to signal that the market is ready to move higher.