Ethereum price has taken out strong support during trading on Monday

Ethereum price down over 16% during trading on Monday
Key support around $775 breached
Market wide uncertainties allowing bears to retain control

Ken Chigbo Independent Analyst

The price of Ethereum has remained within firm control of the market bears, given the market wide uncertainties, China crypto crack down, allied with SEC sparking panic due to them setting a hearing on 6th February.

There was strong support seen around $775, which the market has now broken, after testing multiple times during trading. The level of support had held on many occasions, but given the wide market pressure, it has forced to give way and open gates to potential further downside.

Given the above breach, next support looks to be around $635, where the price briefly consolidated in December 2017 before its large bull run. The bearish momentum is forcing the price to a 100% Fibonacci retracement, towards an extreme downside level of around $430.

ETH/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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