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Ethereum: This breakdown has legs

ETH too breaks down, following its larger peer.
Unlike BTC, ETH has some more room on the downside.

Manoj B Rawal Independent Analyst

Ethereum, the second largest cryptocurrency by market capitalisation, following the leader of the pack, has broken down of a key ascending trendline support. However, unlike Bitcoin, Ethereum has some more room left on the downside in this leg.

ETH/USD is up about two cents of a percent at $156.872 and trading in less than 2 percent range for the day. On the 240-minute chart of this second largest coin, it broke down of a key ascending trendline support which has held on to the bears' pressure in the recent times, but finally gave up when the news of BItfinex hit the wire.

What ails the bulls of ETH, though, is that this break down has some more pain left in this downward journey before it can bounce back meaningfully. $140 is a key support for now, although 200 days SMA did come to the rescue last time, it may break for a short time.

ETH/USD 240-minute chart:

ETH/USD daily chart:

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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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