The beginning of February is the time of a real pogrom for all major cryptocurrencies. It is no different in the case of ethereum, which counts another successive day. Currently, the supply side has managed to break the level of $ 600, which opens the way to further support areas, at least in the region of $ 500.

Picture 1. Technical analysis, ethereum, H4,06.02.2018

It seems that the level of 500 dollars is so strong that it will be able to keep the bears at least in the short term. On the other hand, the strength of sellers is so large that it may be enough to break the level mentioned above. Then the next goal will be local support of $ 400.

Picture 2. Technical analysis, ethereum, H1,06.02.2018

In case of rebound, the first obstacle for the bulls will be the combination of the level of resistance and 100% geometry located in the price area of 780 dollars.

Risk Warning: The contents of this analysis is for informational purposes only and does not constitute investment advice.

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