Ethereum Price Analysis: ETH/USD pares majority of weekly gains, trades near $370
- Ethereum is down more than 4% on a daily basis on Sunday.
- ETH/USD is still up modestly for the week.
- Daily RSI dropped below 50 with Sunday's slump.
Ethereum (ETH/USD) fluctuated in a relatively tight range on Saturday and came in under strong selling pressure on Sunday. As of writing, the ETH/USD pair was down 4.15% on a daily basis at $369.35.
Ethereum technical outlook
Earlier in the week, Ethereum staged a decisive rally but failed to climb above critical $400. The fact that sellers have been gaining traction sinde that move on Thursday suggests that the downward correction could extend to $350 (Fibonacci 23.6% retracement of early-September drop). If the pair breaks below that level and confirms it as a resistance, it could target the 100-day SMA near $325 next.
On the upside, $375 (Fibonacci 38.2% retracement) aligns as the initial resistance ahead of $400 (psychological level/Fibonacci 50% retracement).
Meanwhile, the RSI indicator on the daily chart dropped below 50, suggesting that there is more room on the downside before the next led up.
Ethereum daily chart
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
