Ethereum market update: ETH/USD slips under $170 support area

  • Ethereum slides under the short-term rising trendline breaking the higher low pattern observed from the recent dip.
  • Increasing volatility and a poor technical picture is a perfect ingredient for a revisit to $150.

Ethereum is still exploring the downside following the rejection that took place short of $180 last week. The trading over the weekend has been lethargic with the price pivotal at $170. The bears are increasing their grip on Monday with Ether exchanging hands a $169.

The recovery from the losses the dive in the last week of September formed a lower high pattern from $152 (recent support). However, the same uptrend has already been broken with the price having broken below the short-term rising trendline.

Moreover, the downside has more strength according to the price technical indicators. The relative strength index (RSI)is locked under the average. At the same time, the moving average convergence divergence (MACD) is slightly in the negative zone. The MACD’s divergence signifies a stronger bearish grip. Moreover, the price is below the Bollinger Band four-hour lower curve amid expanding volatility.

ETH/USD four-hour chart

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