It’s a bloody Tuesday for the crypto market: Ethereum price drops 2.88% to test $430 support

Ethereum price is not spared from the current declines in the cryptocurrency market. Most of the cryptos are sinking in the sea of red, for instance, Bitcoin (BTC) price has rejected the support at $8,000, although it is battling to stay above $7,950. Ripple (XRP) and Bitcoin Cash are both recording declines with 1.95% and 2.92% drop on the day respectively. Furthermore, the trend is reflected across the entire market.

Ethereum price, on the other hand, has broken the trendline support at $460, while the support at $450 has failed to hold ground. At the moment, ETH/USD is testing the critical support at $430. After Ethereum exchanged hands above $500 and failed to overcome the resistance at $520, the price has been struggling under the mercy of the bears ever since.

However, the previously extended decline was supported at $440 on July 21. The price corrected higher but remained range-bound between the 61.8% Fib level and the 38.2% Fib level between the highs of $511.73 and $404.83 lows. All movements above the 61.8% Fib level lost momentum slightly above $480.

The short-term support at $440 has also been broken, besides the MACD is deeper in the negative region while the gap between the 50 SMA and the 100 SMA on the hourly chart is widening to show that sellers’ dominance will continue in the near-term. The next support target is at $430 (23.6% Fib retracement level). It is vital that Ethereum finds a support above $430, however, the break down could continue towards lower demand zones $410 and $408 respectively.

ETH/USD 1-hour chart