$400 Is Getting Away From Ethereum Following BTC’s Recent Decline (ETH Price Analysis)

  • Following Bitcoin’s price plunge from earlier today, Ethereum dropped to $365 before a decent recovery above $380.
  • The cryptocurrency attempted to break above resistance at $400 this week but failed to do so, as of now.
  • Against Bitcoin, Ethereum maintained the critical support at 0.0326 BTC.

ETH/USD – Bulls Fail To Overcome $398 – $400 Resistance Area

Key Support Levels: $380, $370, $350.

Key Resistance Levels: $400, $408, $430.

Over the past 5-days of trading, ETH made several attempts, trying to break above resistance at $398. However, it failed to do so, as of writing these lines. This caused ETH to roll over and head lower following BTC plunge to $11K. Ethereum bottomed at $365, before decent recovery above the $380 support level.

The fact that ETH has failed to break $400 on numerous attempts is quite worrying, for the short-term. It shows that the buyers do not have enough momentum to break above this level, which will likely result in ETH heading lower over the next week or so. However, in crypto, momentum can change quickly, and keep in mind that ETH saw a decent rally of over 50% in less than two weeks.

ethusd-aug12
ETH/USD. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the sellers push beneath $380, resistance is expected at $370 (.236 Fib Retracement), $365 (today’s low), $350, and $343 (.382 Fib Retracement). This is followed by added support at $321 (.5 Fib Retracement) and $300 (.618 Fib Retracement).

On the other side, the first level of strong resistance lies at $398. If the bulls penetrate above $400, resistance lies at $408, $420, and $445 – $450. Additional resistance is expected at $463 and $490.

The RSI has dropped lower from overbought conditions and has bounced from the 50 line today to show the bulls are struggling to remain in control of the momentum. Luckily, the Stochastic RSI is in oversold conditions and is primed for a bullish crossover signal that the correction might be over, and there might be another attempt of the $400 line.

ETH/BTC – Bulls Continue To Defend .236 Fib Retracement

Key Support Levels: 0.0326 BTC, 0.0317 BTC, 0.030 BTC.

Key Resistance Levels: 0.0337 BTC, 0.035 BTC, 0.0356 BTC.

Against Bitcoin, ETH maintained the critical support at 0.0326 BTC, which is provided by a .236 Fib Retracement. For the past few days, ETH has been trapped between this support and resistance at 0.0337 BTC.

The coin will need to break this range to dictate the next move. A break above 0.0337 BTC should help ETH head toward 0.035 BTC (which is the past week’s high) and, hopefully, allow ETH to also head higher against the USD and the $400 mark.

ethbtc-aug12
ETH/BTC. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, If the bulls do break above 0.0337 BTC, higher resistance is expected at 0.035 BTC. This is followed by resistance at 0.0356 BTC, 0.0361 BTC, and 0.0367 BTC.

On the other side, if the sellers push beneath 0.0326 BTC, additional support can be expected at 0.0317 BTC, 0.031 BTC (.382 Fib Retracement), and 0.03 BTC (.5 Fib Retracement).

Likewise, the Stochastic RSI is primed for a bullish crossover signal that should send the market higher.

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Source: Crypto Potato