Was that the last time Ethereum will sub below $200?

Was that the last time Ethereum will sub below $200?

Bitcoin is making the headlines with its progress this week as it inches higher before halving. Ethereum has been largely overlooked, but according to one analyst, it may not drop below $200 again.

Ethereum has been on the back-foot all week, retreating from a high of US$225[AU$350] to its current price of around $205.

ethereum price
ETH price 7 days – Coinmarketcap.com

The nine percent slide has been the opposite of what Bitcoin has done, gaining 5.5% over the same period.

Ethereum is still massively down from its all-time high, although fundamentals for the network keep improving. Unfortunately, these are not being reflected in current prices.

One analyst is of the opinion that ETH prices may not drop below $200 again, even though they are very close to it at the moment.

“Good chance right there that sub $200 was the last dip you had to re-load before it’s next run. Both times we’ve dipped sub $200 it’s been eaten up very quickly.”

According to the charts, ETH has remained above $200 for the past week though it has tested it a couple of times.

This level is a major support zone and anything below it is likely to get bought up quickly.

A market-wide collapse is the only thing that will dump ETH that hard, and at the moment, the crypto markets are in recovery.

Image courtesy of WorldSpectrum/Pexels

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