- Ethereum trims gains as cryptocurrencies shed gains across the board.
- Technical signals are strongly bearish especially with the RSI diving into the oversold region.
Ethereum is falling once again in the same week after facing rejection from the levels above $230. The recent drop found support at $203giving way for recovery. The price stepped above the 38.2% Fib retracement level taken between the last drop from $280 to a low around $203 before a reversal occurred.
In spite of the upward correction, Ethereum continued to trade under the moving averages with the 50 Simple Moving Average (SMA) hindering recovery.
At press time, Ethereum trimming the gains under $210, which means that the recent support at $203 is under risk of giving in to selling pressure. Technical signals are strongly bearish especially with the Relative Strength Index (RSI) diving into the oversold region.
The Moving Average Convergence Divergence (MACD) trend paints a more negative picture in the near-term. The divergence suggests rising selling pressure continued breakdown in the coming sessions. Ethereum bulls must fight to keep ETH/USD above $200 and push it above $230 in order to come out of the bearish zone.
ETH/USD 1-h 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.