Ethereum price analysis: ETH/USD dips below $800.00, more downside in store.
|- Ethereum price broke below the pivotal support level.
- ETH/USD needs to get back to 50% Fibo to improve the technical picture.
The longer-term Ethereum technical picture looks gloomy. After a period of erratic movements around 50% Fibonacci retracement level $856, the coin has finally resumed the downside, unable to break above the long-term downside trendline.
Early morning recovery attempts stopped at $824.00, while the fresh wave of selling pressure pushed ETH/USD below $800. Currently, the coin is trading at $782.00 with the intraday low set at $777.00.
The next major support is produced by 38.2% Fibonacci retracement at $723.00. That's where the buying interest may appear, triggering the upside recovery. If this level is broken, ETH/USD risks spiraling down to the February low at $563.00.
On the upside, Ethereum needs to regain $800.00 and climb to the above said 50% Fibo. While the coin stays below that level, the sentiment remains bearish.
ETH/USD, the hourly chart
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