Ethereum Price Analysis: ETH/USD tentatively stable at $200, risks breakdown to $190

• Ethereum holds above $200 as the tug of war intensifies between the bulls and the bears.
• ETH/USD is not yet out of danger as indicators signal a possible return to test the $190 support area.  

Ethereum price is holding above the key $200 support following a shallow recovery from $190. The losses during the weekend dispersed buyers from the market, most whom are still afraid of joining the relatively bearish market. ETH/USD teeters at $202 after losing a subtle 0.50% of its value on Tuesday during the Asian hours. The trend has remained bearish since the week started amid high volatility levels.

The daily chart shows the buyers struggling to climb above the resistance provided by the 50% Fibonacci of the last drop from $289 to a low of $118. The price is dancing between the moving averages where the 50-day SMA holds the ground at $220 (seller congestion zone) and the 200-day SMA at $180 (key support area).

Besides the support at $200, Ethereum price is also anchored by the ascending trendline. Other key support levels to keep include $190, $180 and $160.

The MACD in the daily range clearly shows the bears being in control and emphasizes the tug of war above $200. The bulls wish to send the price above $210 and towards $220 while the sellers would like to extend their field day to $180 and $160 respectively. However, the RSI shows that, a sideways action is the most probable direction in the current session. The European session is likely to experience the same ranging action as well.

ETH/USD daily chart

ETH/USD key levels to watch

Support one: $200 –Pivot point one-week support two and Bollinger Band 15-minutes middle curve.

Support two: $190 –Previous low one day.

Support three: $179 –Previous month low.

Resistance one: $205 –Fibonacci 23.6% one-day.

Resistance two: $215 –Previous week low.

Resistance three: $223 –SMA five one-day and Bollinger Band 4-hour middle curve.