Ethereum Price Analysis: ETH/USD extend aggressively to the downside, following vital trend line break

Ethereum nursing whopping losses of some 14% late on Thursday.
ETH/USD bears turned up downside pressure by a notch, following key trend line breach.

Ken Chigbo Independent Analyst

Ethereum price is seen down huge chunky double-digits losses, in the latter part of trading on Thursday. ETH/USD was in the red by a big 14%, after large selling pressure hit the entire cryptocurrency market.

ETH/USD was initially supported by a long-running ascending trend line, which had been in play from 15th December up until 8th January. Given the breach, eyes are still locked in on further downside pressure. This coming ahead of the Ethereum Constantinople upgrade on 16th January.

The next major area of support is eyed around the $117 mark, which is 27-28th December low region. Should the price catch a bounce here, then a potential retest of the breached trend line, will likely be seen.

ETH/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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