- Reverses half the recovery seen on Saturday.
- The significant confluence support near 307.50 holds for now.
The second most favorite cryptocurrency, Ethereum, fell sharply from the daily high of $ 323. and reversed 50% of Saturday’s recovery to reach daily lows at 307.60, breaching the 200-hourly Simple Moving Average (SMA) at $ 311.51. Over the last hour, the cryptocurrency is seen struggling to extend the bounce above the 200-hourly SMA amid a fresh round selling across the crypto board.
The coin risks a break below the key support near the 307.50 level, where the 50% Fibonacci Retracement Level of the latest rise and upward sloping 50-hourly SMA coincide. A break below the last, the 61.80% Fib at 304.16 could offer some respite to the buyers. A test of the 300 mark remains inevitable on failure to hold the 61.80% support. The bears are seen fighting for control, despite the hourly Relative Strength Index hovering the oversold territory.
Any bullish move will get validated only above the 323-325 levels, allowing the buyers to aim for the next target at 329.63 (daily classic R1). At the press time, ETH/USD trades near 308.80 region, up 2.25% over the last 24 hours and with a market capitalization of $ 32 billion.
ETH/USD, 1-hour chart
Levels to Watch
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