Ethereum Price Analysis: ETH/USD pares majority of weekly gains, trades near $370
|- Ethereum is down more than 4% on a daily basis on Sunday.
- ETH/USD is still up modestly for the week.
- Daily RSI dropped below 50 with Sunday's slump.
Ethereum (ETH/USD) fluctuated in a relatively tight range on Saturday and came in under strong selling pressure on Sunday. As of writing, the ETH/USD pair was down 4.15% on a daily basis at $369.35.
Ethereum technical outlook
Earlier in the week, Ethereum staged a decisive rally but failed to climb above critical $400. The fact that sellers have been gaining traction sinde that move on Thursday suggests that the downward correction could extend to $350 (Fibonacci 23.6% retracement of early-September drop). If the pair breaks below that level and confirms it as a resistance, it could target the 100-day SMA near $325 next.
On the upside, $375 (Fibonacci 38.2% retracement) aligns as the initial resistance ahead of $400 (psychological level/Fibonacci 50% retracement).
Meanwhile, the RSI indicator on the daily chart dropped below 50, suggesting that there is more room on the downside before the next led up.
Ethereum daily chart
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