Ethereum price analysis: ETH/USD back below 78.6% Fibo as bulls are in retreat again
- Ethereum lost 4.5% on a daily basis as the upside recovery proved to be short-lived.
- The next support comes at $445.
Ethereum, the seconds largest coin by market value, is changing hands at $457 after peaking at $487 on Monday. Obviously, the upside recovery has petered out on approach to psychological $500 handle.
Lack of momentum attracted new sellers, as a consequence, the coin dipped back below the long-term sloping trendline currently at $470. Being a critical resistance level, strengthened by 100-SMA (4-hour chart).
ETH/USD is down 4.5% on a daily basis and down 1% since the start of the day. Ethereum's market value amounts to $46., while the average daily trading volume settled at $1.6B. Both volatility and trading activity are subdued during Asian hours.
From the long-term perspective, ETH/USD stays close to 78.6% Fibo retracement level at $460; if it is broken to the downside, the selling pressure will increase. The next bearish aim is registered at $445 (50-SMA, 4-hour chart).
Author
Tanya Abrosimova
Independent Analyst
