- Ethereum price is encountering increasing selling pressure in highly bearish cryptocurrency market.
- A short-term support has formed at $399; however, $390 is within reach.
Ethereum has taken another milestone downwards to trade below $400 on Thursday afternoon GMT. The price is encountering increasing selling pressure while the entire cryptocurrency market is engulfed in a bearish trend.
Recently ETH/USD was exchanging hands in a range between highs of $464 and lows of $422. The ranging channel gave in to pressure and the price started another trend on Thursday forming the descending wedge pattern on the intraday 15’ timeframe chart.
Technically, the price currently is trading below the 50 and the 100 Simple Moving Averages. There is a widening gap between the moving averages showing that the bearish momentum will continue in the long-term. The MACD momentum indicator is slightly into the negative levels to indicate that a bearish momentum is forming. A short-term support level is forming around $399 level. Ethereum price must maintain this level to avoid further declines towards $390.
ETH/USD intraday 15’ chart
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