Ethereum back to July lows amid broad-based crypto bleeding
|- Ethereum bulls fight to correct the 5% loss on the day amid extremely volatile market conditions.
- A correction above $280 and $290 hurdles could pave the way for gains towards $300.
ETH/USD has massively depreciated in value from 2019 high at $363.94. The largest altcoin is caught up in Bitcoin roller coaster rides. While the weekend saw a recovery above $320, the momentum fizzled out at the descending trendline. The reversal that occurred yesterday push ETH/USD back under $300 and extended the losses to $270 support on Tuesday.
Meanwhile, the bulls are currently fighting to correct the more than 5% loss on the day. ETH/USD is exchanging hands at $278 after testing $270 support for the second time today.
According to the applied technical indicators, the bulls have control over the price for now. However, the 50 Simple Moving Average (SMA) 1-h widening gap below the 100 SMA 1-h shows that selling pressure is still present.
If the Relative Strength Index (RSI) continues with the gradual slope upwards above the oversold levels, the buyers are likely to be encouraged to increase their positions. A correction above $280 and $290 hurdles could pave the way for gains towards $300. On the downside, the twice tested $270 support will continue to offer the much-need support in this extremely volatile market.
ETH/USD 1-h chart
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