Ethereum price is under massive selling pressure as bears gain full control
- Ethereum price goes in for another negative open this week, for a third consecutive time.
- Selling pressure continues increasing behind ETH.
- Buying the dip looks to be the play to go for now.
The level of patience that strategic buyers have with Ethereum will soon be met with an opportunity to pick up the ETH at some interesting buy levels. But for now, Ether looks prepared for a third consecutive week of losses.
Ethereum price targets $1,720 in the next week
Ethereum price action is minimal on the upside, with a double cap at $1,928.89. The red descending trend line is well respected there, and the flat purple line falls perfectly in place with that level, which originated in the last week of June as the low for that week.
This puts a lot of pressure on the downside as we can see at the formation of the candle that ETH is being squeezed at $1,814.75, the first level of interest to the downside again, coinciding with the low of last week.
Sellers have a few other intermediary levels to keep in mind, with $1,808.13 and $1,720.84. Both were important low levels during the week of May 17.
ETH/USD weekly chart
Expect not much positive action as Etheruem price looks to be set for another downtrend week. With buyers on the sideline, it is starting to look tempting and logical for buyers to start coming in, certainly around the $1,800-area.
In that region, Ethereum price seems ready for a fade-in between $1,808 and $1,720. It is quite a wide range, of course, but it makes sense as ETH reaches the low of mid-May.
Keep an eye in general on any positive cryptocurrency news. Ethereum price is missing any favorable tailwind from this, so some positivity could help lift sentiment for ETH as well.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
