Ethereum Price Analysis: ETH/USD Could Drop To $200-220

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Key HighlightsETH price extended declines and dropped below the $260 support zone against the US Dollar.Yesterday’s highlighted crucial bearish trend line is intact with resistance at $305 on the hourly chart of ETH/USD (data feed via Kraken).The pair may well correct a few points higher towards $277-280, but it is likely to face sellers.Ethereum price dropped significantly against the US Dollar and bitcoin. ETH/USD is likely to decline further below $250 in the near term.Ethereum Price DeclineThere was no recovery in ETH price above the $320 level against the US Dollar. The ETH/USD pair faced an increased selling pressure and declined below the $300 and $280 support levels. The decline was such that the price tumbled below the $260 support as well. A new monthly low was formed at $249 and the price is currently consolidating losses.An initial resistance is the 23.6% Fib retracement level of the last drop from