Ethereum price analysis: Manages to bounce after last week carnage, technicals provide some relief

Gains 2 pct after 27 pct sell off last week.
Trendline, RSI prove relief factor.

Manoj B Rawal Independent Analyst

Ethereum, second largest cryptocurrency by market capitalisation, manages to rally on Monday after the carnage it saw last week when it fell more than 27 percent, in line with all the other major digital currencies.

ETH/USD is up more than 2 percent at $386.19, thanks to faling wedge trendline support and extremely oversold RSI - both proving a relief factor for the crypto in a bounce that's sustaining so far.

Immediate supports now exist arond $378 and $358 levels while resistances are placed at $399 and $419 marks. For a major move on the upside, ETH will have to cross past $480-90 levels and if it breaks below $350 on the downside, the crash would accentuate.

ETH/USD daily chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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