Key highlights:

*Price at the time of writing

The tide has changed for Ethereumafter it rolled over from resistance at $277 this week and dropped by a steep 20% over the past 4 days of trading. The latest price drop was largely driven by the fact that Bitcoin was unable to overcome resistance at the $10,000 level andwent on to crash beneath the $8,800 level.

Ethereum did drop against Bitcoin, however, it was not as precipitous as the ETH/USD price decline.

Ethereum dropped beneath $250 and penetrated beneath strong support at $237 as it continued to fall to the current level of support at $221, provided by a short-term .5 Fibonacci Retracement level.

The cryptocurrency still remains the 2nd largest cryptocurrency as it holds a total market cap value of $24.44 billion.

Buy/Sell Ethereum (ETH)

How to buy Ethereum (ETH) on Binance

Since our last analysis, we can see that Etheruem went on to drop beneath the support at $256 that wasprovided by the short-term .236 Fibonacci Retracement level as ETH continued to plummet lower. It fell beneath support at $250, $240, $237 (.382 Fibonacci Retracement level) to reach the current support at $221, which is provided by a .5 Fibonacci Retracement level.

The coin has spiked even further beneath this level to reach as low as $210, but the bulls did manage to bring price action back above the aforementioned support. Despite this, the momentum is now certainly in strong favor of the bears and we can expect some further declines incoming, especially if we close beneath $221.

The break beneath $237 has put Ethereum in a slightly tricky situation as the previous consolidation pattern was broken. It is pretty much on the verge of turning bearish and a break beneath $221 will certainly confirm the bearish trend. If ETH does turn bearish, we can look for support at either $200 or $190 as the 100-day EMA and 200-day EMA liebetween these 2 levels.

To turn bullish, ETH would need to rise and climb back above the $280 resistance level. A break back above $247 would help keep the neutral trading condition active.

If the sellers do break beneath $221, the first level of support to look for is located at the downside 1.414 Fibonacci Extension level priced at $217. This is then followed up with support at $210 and $205.67, provided by the .618 Fibonacci Retracement level.

If the selling pressure continues to drive ETH/USD further beneath the support at $200, support is then found at $194 (100-day EMA) and $190 (200-day EMA).

Beneath $190, additional support is located at $180, $170, $166, and $150, althoughwe should not expect Ethereum to drop this low.

If the buyers can hold the support at $220 and allow for Ethereum to rebound, the first levelof resistance is located at $240. Above this, higher resistance will be found at $250, $260, and$268 (previous medium-term bearish .618 Fibonacci Retracement level).

Following a break of the resistance at $270, higher resistance is located at $276, $280, and $286 (2020 price high). If the buyers can create a fresh 2020 high, resistance can then be found at $290, $298 (long-term bearish .5 Fibonacci Retracement level), and $300.

The RSI has dipped beneath support at the 50 level, which shows the strong bearish momentum within the market. ETH is trying to stabilize after hitting the $220 support, but it certainly looks like the momentum will continue to drive ETH lower, perhaps to the $200 level.

A bullish crossover signal on the Stochastic RSI will be the first sign to show that the buyers are attempting to regroup in an attempt to push higher.

Taking a look at ETH/BTC above, we can see that the resistance at 0.0278 was too strong for the bulls, causingthe market to roll over and reverse. ETH went on to drop beneath support at 0.027 and 0.026 as it reaches the current support level at 0.0255, provided by a short-term .236 Fibonacci Retracement level.

The rollover into the 0.0255 support level has certainly turned ETH neutral. We are still a while from turning bearish as this would require a break beneath 0.023. To turn bullish, Ethereum would need to rise and break the strong 2020 resistance at 0.0278.

If the sellers break the current support at 0.0255, the next level of support is located at 0.025. Beneath this, additional support lies at 0.0242 (.382 Fibonacci Retracement level), 0.0239, and 0.0237 (downside 1.272 Fibonacci Extension level).

This is then followed by support at 0.0231 (.5 Fibonacci Retracement level) and 0.023. Beneath 0.023, support lies at 0.0225 (downside 1.618 Fibonacci Extension level), 0.0022 (.618 Fibonacci Retracement level), and 0.0218 (100-day EMA).

On the other hand, if the bulls can defend the support at 0.025 and rebound higher, resistance is located at 0.0261, provided by the bearish .618 Fibonacci Retracement level. This is followed by resistance at 0.027 and then at the 2020 high of 0.0278.

If the buyers can break this high, added resistance is located at 0.0288 (bearish .786 Fib Retracement), 0.0294 (1.272 Fib Extension), and 0.03.

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent articles about the price of Ethereum:

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Ethereum Price Analysis - ETH On The Verge Of Turning Bearish In the Short Term, Can The Bulls Defend $220? - CoinCodex