Ethereum price has taken out strong support during trading on Monday

Ethereum price down over 16% during trading on Monday
Key support around $775 breached
Market wide uncertainties allowing bears to retain control

Ken Chigbo Independent Analyst

The price of Ethereum has remained within firm control of the market bears, given the market wide uncertainties, China crypto crack down, allied with SEC sparking panic due to them setting a hearing on 6th February.

There was strong support seen around $775, which the market has now broken, after testing multiple times during trading. The level of support had held on many occasions, but given the wide market pressure, it has forced to give way and open gates to potential further downside.

Given the above breach, next support looks to be around $635, where the price briefly consolidated in December 2017 before its large bull run. The bearish momentum is forcing the price to a 100% Fibonacci retracement, towards an extreme downside level of around $430.

ETH/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.