Ethereum price analysis: ETH/USD bears show no mercy as price pressure continues below $800
|- Bears run wild after the daily close below psychological $800 level.
- Additional downside targets for support seen at $680, $567 and $493.
The Ethereum price is seen nursing losses as much as 5% on Thursday, with the selling pressure still on, after firmly losing ground and giving way for $800 mark to be lost. Ethereum is currently heading for its fourth consecutive session of losses.
Added downside came as the price breached a key supporting ascending trend line, that has been running from November 2017. During the extreme lows that were printed at the start of February, the trend line managed to catch that falling price.
Looking technically at ETH/USD, given the breakout to the downside of this key supporting trend line. The price could see a potential pullback before it resumes further selling. Otherwise, eyes are on to see how the lows on 6th February can potentially support the price. Downside targets; $680, $567 and $493. Resistance is now seen at the ascending line, tracking around $830.
ETH/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.