Ethereum Price Analysis: ETH/USD remains on track to close third straight week lower
|- Ethereum fell below 50-day SMA for the first time since mid-April.
- ETH/USD is losing more than 3% for the week.
Ethereum (ETH/USD) moved sideways near $230 on Saturday but fell sharply in the second half of the day. After slumping to its lowest since late May at $216, ETH/USD has gone into a consolidation phase and was last seen trading around $220, where it was unchanged on the day. With Saturday's drop, Ethereum turned red for the week and now looks to close in the negative territory for the third straight day.
Ethereum technical outlook
Ethereum broke below the 50-day SMA for the first time since mid-April, suggesting that the outlook turned bearish in the near-term. Moreover, the RSI on the daily chart continues to push lower below 50.
The Fibonacci 23.6% retracement level of the three-month-long rally that started in March could be seen as the next support at $215. Below that level, Ethereum could target $200. On the upside, resistances are located $223 (50-day SMA), $233 (20-day SMA) and $250 (upper limit of the three-week-old horizontal channel).
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.