Ethereum price analysis: ETH/USD extends the descending channel, declines halted below $650

Cryptocurrency market is in the red as the week comes to an end.

The selling pressure in the market is thwarting the price capping the gains around $680.

Ethereum price is extending its declines to trade below the $650 major support level. The crypto has been on a downward sloping trendline breaking several key support areas. The buyers managed to halt the downside trend where the price traded as low as $647. The cryptocurrency market prices have been dropping at an alarming rate as the week comes to an end.

The bears are in full swing on Friday morning trading session. The bulls are attempting to reverse the trend, but the gains have been capped short of $680. A major descending channel is forming around $670 which is also the 23.6% Fib retracement level of the last swing high of $770 and a low of $647.

The technical picture shows that Ethereum price is experiencing resistance at $680 level. It will have to break past this level to see a substantial gain in momentum. On the downside, the selling pressure could push the price back below $650. If this happens, Ethereum could trade near $640 level.

ETH/USD intraday price chart