Ethereum Down 90% From All Time High and Its Keep Going Down

Ethereum is in a firm bear grip with both moving averages trending down and the RSI in the oversold territory. The bulls are trying to defend the psychological level of $200 but are unable to push prices higher.

There was no major recovery above the $230 level in ETH price against the US Dollar. The ETH/USD pair remained in a bearish zone and it extended declines. It broke the last swing low near $209 and extended slides. Sellers even managed to push the price below the $200 and $190 levels. More importantly, the price is now trading well below the $230 resistance and the 100 simple moving average (4-hours).

at the time of writing, the price broke a consolidating pattern with support at $225. It opened the doors for more losses and the price traded to a new monthly low at $185. It seems like sellers remain in full control and the price could decline further. On the upside, the 23.6% Fib retracement level of the last decline from the $287 high to $185 low is at $209. Moreover, there is a major bearish trend line formed with resistance at $205 on the 4-hours chart of ETH/USD. Therefore, if the pair corrects higher, it could face sellers near the $200, $205 and $210 levels in the short term
while the price being down nearly 90% from January highs, the short interest on ETH is continuing to hit new all-time highs. Over the past 24 hours, short interest increased nearly 15%, adding more than $5.8 million in total ETH sold short.

The daily spikes in short interest indicate that traders expect more losses to come. Without any major bullish macro event, this sell-off could accelerate and take Ethereum to fresh 15-month lows.

4-hours MACD – The MACD is placed in the bearish zone.

4-hours RSI – The RSI is currently well below the 20 level.

Major Support Level – $175

Major Resistance Level – $209

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