Ethereum price analysis: Battered bulls run out of ideas as bears secretly plot another move downstream
|- Ethereum price is testing critical; support at $358; more declines likely to follow.
- Buyers need to find support above $360 and eventually $370 in order to stay clear of frequent declines,
Ethereum price continues to tread on dangerous ground, besides the investors are coming into terms that it could take a while for the digital asset to reclaim $400. ETH/USD was unable to overcome the resistance at $370 yesterday resulting in fresh declines. The asset continued with the slide on Friday morning but a support was established at the 26.3% Fib retracement level with the last swing high of $369.80 and a swing low of $352.09 marginally above $355.00.
The intraday upside has been capped below $364. Ethereum is currently trading at $359, similarly, the trend is strongly bearish. The 50 SMA on the 15’ chart could not provide support in the current slide but the 38.2% Fib level is likely to hold in the near-term at $358.
Ethereum has come under heavy selling pressure in the month of August and the declines seem to be far from over. The buyers must battle to maintain above $360 and $370 for now and prevent declines into the $350 range. The price is still dancing at the edge of a tall cliff and further movement south is quite apparent.
In the meantime, $360 is the next immediate resistance but the supply zone at $362 is the critical intraday resistance for now. The ultimate resistance at $370 will pave the way for Ethereum to retrace its steps towards $400 in the medium-term.
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