Ethereum price analysis: Nosedives 6.63% on a daily basis; October 2017 lows in play
|- Ethereum rejected several support areas at $320, $310, and $300 before free falling right into the $250 range.
- Bear pressure is far from over, but it is essential that the price is kept above the current short-term support at $260.
Ethereum continued with the free fall yesterday breaking key support areas. However, before gasoline was added to the crypto, which was already on the path down to the valley, Ethereum price had been range-bound between $312 and $328 for a couple days in a row. Failure to clear the key resistance at $320 exhausted the buyers who have been losing the battle to the bears since the month of August began.
Consequently, the price reacted lower breaking the intraday support at $310 while the next support target at $300 was not strong enough to hold. Ethereum was virtually unstoppable at $290. The trading on Tuesday has not been any different since selling pressure seems to be winning. However, it appears that the buyers have found a support above $250 after ETH/USD exchanged has as low as $255.49.
The bulls are pushing for higher corrections from the pits but the bear pressure at $270.00 is standing in the way. At the moment, Ethereum is changing at $264. The stochastic on the one 15’ chart is heading south while the gap between the moving averages continues to widen to signaling that the sellers are not ready to let go just yet.
Ethereum has to overcome the resistance at $270 and form a support above this level as the buyers curve a trajectory path towards $300. The key resistance is at $285.12 while the upper supply zones at $290 and $300.00 are the ultimate intraday resistance levels. On the other hand, the support at $260 must hold to prevent losses into the $250 range.
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