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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). 

ETH/USD, the 4-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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