Ethereum Lost 12%, Bitcoin 4,4% Down
Today, October 11, Ethereum initially dropped to $199.48 and later to $195.42 in the demand area.
ETH has been in this demand area twice – on 15th September 2017 and 8th September 2018 and the price was $198.00 and $190.00 respectively.
At the same time Bitcoin, the most popular cryptocurrency has lost 4,4%. The total cryptocurrency market capitalization dropped $17 billion and reached $201 billion. миллиарда.
According to NewsBTC analyst Yash Jindal, To initiate the decline, there was a break below a short-term bullish trend line with support at $222 on the hourly chart of ETH/USD. The decline was such that the price even broke the $200 support and traded as low as $193. At the moment, the price is correcting above $200. Buyers cleared the 23.6% Fib retracement level of the recent decline from the $224 high to $193 low. However, there are many hurdles on the upside near the $208 and $209 levels. More importantly, the 50% Fib retracement level of the recent decline from the $224 high to $193 low is near $209. He also pointed out that ETH price may recover a few points, but it is likely to face hurdles near the $209 level. On the downside, if there is a break below the $194-195 support, there could be more losses towards $180.