Ethereum Price Dives 20%: ETH/BTC Breakdown The Main Driver

ETH price declined heavily below key supports against the US Dollar and bitcoin.
The price broke the key $260, $230 and $222 support levels to register 20% losses.
There was a break below a short term declining channel with support near $227 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is heading towards the $200 support area, where the bulls may take a stand.

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Ethereum price fell significantly below $250 and 0.0250 versus the US Dollar and bitcoin respectively. ETH price remains at a risk of more losses if it breaks $200.
Ethereum Price Analysis
In the past three sessions, there was a massive decline in bitcoin, Ethereum, ripple and other major altcoins against the US Dollar. ETH/USD started a solid drop after it broke the key $275 and $260 support levels. The price declined more than 20% and even broke the $230 support area. Moreover, the price broke the $222 support and settled well below the 100 hourly simple moving average. The price traded close to the $210 level and formed a new monthly low at $212.
It is currently trading with a bearish angle, with an initial resistance near the $220 level. The 23.6% Fib retracement level of the recent decline from the $240 high to $212 low is near the $219 level to act as a resistance. Besides, there was a break below a short term declining channel with support near $227 on the hourly chart of ETH/USD. The same channel might act as a resistance near the $225 level.
The 50% Fib retracement level of the recent decline from the $240 high to $212 low is also near $226 to act as a significant resistance. To start a decent recovery, the price has to move back above the $230 pivot level. In the mentioned case, it could even recover towards the $240 level.
Conversely, if there is no upside recovery above $220 or $225, the price could extend losses. An initial support is near the $212 low, below which the price is likely to test the $200 support area. The bulls are likely to appear near the $200 level and defend more losses.

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Looking at the chart, Ethereum price is under a lot of pressure vs the US Dollar and bitcoin. The main support is near the $200 level. If the bulls fail to defend the $200 support, there are chances of more losses in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now near the extreme oversold readings.
Major Support Level – $200
Major Resistance Level – $225
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