Ethereum, the coin next to Bitcoin in popularity and market cap has suffered equal losses compared to the king coin. While Bitcoin underwent $200 million worth of long liquidations, 216,000 Ethereum worth approximately $42 million were liquidated.

At the time of writing, 1 ETH was worth $203.26 with a market cap of $22 billion, second only to Bitcoin. The coin boasted a 24-hour trading volume of $25 billion. Even with such a brutal dive, the price hasn't turned bullish. There is a bearish pressure hanging over ETH's head and the coin might drown under pressure.
<ul>
 	<li style="font-weight: 400">After the catastrophic dip, ETH looks to be holding well, the price hasn't collapsed further down due to FUD (Fear Uncertainty and Doubt). In fact, the price is holding in between two important levels.</li>
 	<li style="font-weight: 400">Since the price has failed to conquer the $209 level, the price is retracing its steps. On its way, if the price breaches the lower level, it could spell disaster for the coin.</li>
</ul>
<h2>Four Hour Ethereum Chart</h2>
<img class="wp-image-161675 size-full" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2020/03/download-14.png" alt="" width="1805" /> Source: <a href="https://www.tradingview.com/symbols/ETHUSD/">Trading View</a>.

Since the price has failed to conquer $209, there could be bearish implications further down the road for ETH. Due to this failure, the price is heading down to $197, the level which put an end to Ethereum's downfall.

The wave trend indicator, which indicates the momentum of the market has just recovered from the oversold zone. Since the price looks to be moving between a tight zone of $197 and $209, there might be a sideways journey for both the price and the indicator.

Negative or selling pressure can send the indicator back into the oversold zone for Ethereum. This could further complicate things since this would probably take the $197 support out of the equation. In addition, this would create an opportunity for the price to trend even further down ($183).

There doesn't seem to be an optimistic or bullish scenario for Ethereum here. Unless there is a pump causing the coin to breach $209. Until this happens, the coin will suffer sideways and downtrend of 3 to 9% from its current price.

With liquidations already over $40 million, a further downtrend could cause more liquidations. The last 24 hours is turning out to be a horrific day for the cryptocurrency ecosystem, especially since most of the altcoins are losing value, just like Ethereum.

You May Also Read.
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 	<li><a href="https://www.cryptoknowmics.com/crypto/ethereum-classic-aka-the-original-ethereum-shows-potential-8-to-10%25-surge/">Ethereum Classic aka the original Ethereum shows potential 8 to 10% surge</a></li>
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Ethereum fails to breach $209, more liquidations and downtrends?

Since the price has failed to conquer the $209 level, the price is retracing its steps. On its way, if the price breaches the lower level

Nick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. 
Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.

Ethereum fails to breach $209, more liquidations and downtrends?

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