- The ETH sellers remain in control starting out a fresh week.
- Ethereum weighs in Elon Musk’s tweet and Fed’s concerns on crypto assets.
- The no.2 coin at risk of a rising channel breakdown on the 12H chart.
Amid the absence of weekend love, the most widely trading crypto assets are extending last week’s sluggish momentum starting out a fresh week on Sunday.
Elon Musk’s, Tesla Inc.’s founder, warning against Bitcoin and Ethereum, suggesting that their transaction rate was "slow" and cost "high”, remains a weight on the no. 2 coin.
“The surge in the prices of a variety of crypto assets also reflects in part increased risk appetite,” the report added. This came as Bitcoin price is up some 250% from a year ago, although it is well down from its April high.
As of writing, ETH/USD is down 1% on the day, trading just shy of $2100. Ethereum is shedding nearly 10% over the past seven days.
ETH/USD: Risks remain skewed to the downside amid rejection above 50-SMA
Ethereum’s 12-hour chart shows that the price is challenging the rising trendline support at $2091, with a candlestick closing below that level likely to validate a downside breakout from a three-week-old rising channel formation.
Note that ETH price trades below all the major Simple Moving Averages (SMA) on the given time frame while the Relative Strength Index (RSI) points south below the midline, both of which suggest a likelihood for additional downside.
If the channel breakdown materializes then a drop towards the $2000 psychological level cannot be ruled. A sustained breach of the last could prompt a sharp sell-off towards the $1720-$1730 region, where the June 26 low aligns.
ETH/USD: 12-hour chart
Alternatively, acceptance above the 50-SMA at $2120 is critical for the ETH bulls to aim for any meaningful recovery towards the mildly bearish 21-SMA at $2194.
Further north, the $2500 psychological barrier could be challenged once again.
All in all, the path of least resistance appears to the downside for Ethereum price.
ETH/USD: Additional levels to watch
|Today last price||2094.60|
|Today Daily Change||-15.95|
|Today Daily Change %||-0.76|
|Today daily open||2110.55|
|Previous Daily High||2192.98|
|Previous Daily Low||2075|
|Previous Weekly High||2411.19|
|Previous Weekly Low||2050|
|Previous Monthly High||2890|
|Previous Monthly Low||1700|
|Daily Fibonacci 38.2%||2120.07|
|Daily Fibonacci 61.8%||2147.91|
|Daily Pivot Point S1||2059.37|
|Daily Pivot Point S2||2008.2|
|Daily Pivot Point S3||1941.39|
|Daily Pivot Point R1||2177.35|
|Daily Pivot Point R2||2244.16|
|Daily Pivot Point R3||2295.33|
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.