Ethereum Price Analysis: ETH/USD vulnerable to further losses as long as it stays below $230.00

• ETH/USD resumed the decline in sync with the market.
• Ethereum developer team hinted on major announcement.

ETH/USD is changing hands at $222.30, down over 3% on a day-to-day basis. The second-largest coin has resumed the downside after a short-lived recovery attempt, moving in sync with the market. Ethereum has a market value of $24.5 billion, while its trading volumes are registered at $18.9 billion. 

ETH/USD: Technical picture

Ethereum bumped into an intraday resistance created by SMA50 4-hour at $229.00 and resumed the retreat. The local support is now located on the approach to psychological $220.00. Once it is out of the way, the downside is likely to gain traction with the next focus on  $215.30 (the lower line of 4-hour Bollinger Band). It is followed by $204.00 ( the lower line of the daily Bollinger Band) and psychological $200.00.

On the upside, a sustainable move above $229.00 will open up the way towards $230.00 and $232.00, which served as an upper line of the recent consolidation channel. 

ETH/USD 4-hour chart

Ethereum team hints on an important announcement

Deva the Devcon Unicorn, the Twitter account positioned as the voice of the Ethereum’s Devcon team, published a post that promised “major announcement in the coming days”. The post contained a link to the latest blog post of Ethereum Foundation about the upcoming conference Devcon 6. 

The agenda of the conference will include various discussion topics like teaching, communicating, and generating new ideas, collaboration & knowledge sharing, growing the Ethereum Ecosystem.

Devcon is an opportunity for each of us to engage with those from other teams and communities, both from Ethereum and blockchain-related teams and newcomers from other industries, the team says.