Manoj B Rawal
Independent Analyst
- Long term support breaks down, but bounce comes in handy.
- Bears might come in action again.
Ethereum, the second largest cryptocurrency by market capitalisation, broke down of a long term trendline support that has been holding on for a long time, but it does manage to bounce back off the very support which broke.
ETH/USD is down about half a percent at $451.29, and trading in a narow less than 3 percent range of $446-$456. On the daily chart, the long term support line that has been working as a strong support so far was broken on Friday, but thankfully it quickly bounced back, negating the impact of any fatal fall after the break down.
Immediate strong resistance now stands around $465, which needs to be crossed on the upside, failing which bears would gain control back in their hands.
ETH/USD daily chart:
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