- ETH/USD licks its wound after heaviest declines in one week.
- Short-term falling channel, bearish oscillators suggest further weakness.
- Five-week-old horizontal area, channel support will be tough nuts for bears to crack.
ETH/USD nurses the previous day’s losses, the heaviest in a week, while picking up bids to $1,490 amid initial Wednesday. In doing so, the altcoin portrays a bounce inside a bearish chart pattern.
Not only a downward sloping trend channel from February 23 but descending RSI and continuously receding strength of the bullish MACD also suggest extra pullback of the ETH/USD prices.
As a result, intraday sellers can eye the previous Tuesday’s low near $1,370 but a horizontal area from late-January, as well as support line of the stated channel, respectively around $1,275 and $1,260, could challenge the ETH/USD bears afterward.
In a case where the quote drops below $1,260, odds of its south-run to January 22 low near $1,040 and the $1,000 threshold can’t be ruled out.
Meanwhile, the cryptocurrency pair’s extra rise will have to defy the stated bearish chart pattern by crossing $1,590 resistance, not to forget the $1,600 round-figure, to recall the ETH/USD buyers.
Though, key SMAs around $1,650 and $1,700 will test the upside momentum targeting the $2,000 and the record top, marked in February around $2,040.
ETH/USD four-hour chart
Trend: Further weakness expected
Additional important levels
|Today last price||1488.18|
|Today Daily Change||-83.64|
|Today Daily Change %||-5.32%|
|Today daily open||1571.82|
|Previous Daily High||1574.28|
|Previous Daily Low||1412.61|
|Previous Weekly High||1976.72|
|Previous Weekly Low||1367.36|
|Previous Monthly High||2041.42|
|Previous Monthly Low||1271.31|
|Daily Fibonacci 38.2%||1512.52|
|Daily Fibonacci 61.8%||1474.37|
|Daily Pivot Point S1||1464.86|
|Daily Pivot Point S2||1357.9|
|Daily Pivot Point S3||1303.19|
|Daily Pivot Point R1||1626.53|
|Daily Pivot Point R2||1681.24|
|Daily Pivot Point R3||1788.2|
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.