- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Crypto News & Analysis
Editors’ Picks
Bitcoin Price Prediction: Bitcoin facing potential pullback before a final push to $20,000
Bitcoin is back above 60% market dominance and climbed above $13,000 for the first time since June 2019. In the past week alone, BTC's total market capitalization has increased by over $31 billion.
Ripple Price Prediction: XRP cracks a critical resistance level and targets $0.30
XRP has been fighting with an ascending triangle pattern for around one month and seems to have finally cracked the upper boundary. If the digital asset can close above this critical resistance point, bulls will be in full control.
Vechain Price Prediction: VET hits a robust resistance wall towards $0.016
Vechain, like the rest of the market, seems to be rebounding although still far away from its 2020-high at $0.0229, currently only trading at $0.0123. Over the past week, the digital asset gained around $125 million in market capitalization.
Bankers grow concerned as governments around the world rush to digital currencies
The idea of state-backed digital money is gaining traction around the globe. However, neither regulators nor the community clearly understands how it will look like and what are the consequences of this major evolutionary development in the global financial system.
Bitcoin: BTC ready to escape from the range; bulls have $12,000 in mind
Bitcoin has been gaining ground amid positive fundamental developments. The flagship cryptocurrency is ready to break free from its current range and proceed with the recovery towards $12,000.