Yesterday’s break of support level in $225 area, then the June low at $218 and in the end psychological support of $200 were just a beginning of Ethereum troubles. Today ETH/USD lost even 15% which brought attention of all crypto traders.
There is a reason for that. Ethereum is second most popular cryptocurrency in the world, just after mainstream Bitcoin. Market cap of ETH is over $18B. No wonder that very bigger move on Ethereum chart is widely commented.
Yesterday break was in pair with higher volume confirming strength of the signal. Today’s decreases are just a continuation of yesterday’s sentiment:
It seems like ETH/USD found some support in 174.50 area. There is outside retracement of last bearish impulse, however the problem is in that this level is not confirmed by price:
Even better level from technical point of view is 121.00 area. Price in the past treated these areas as solid support, and the area strengthened by Fibonacci retracement should stop sellers one more time.
200.00 area which was solid support in the past now should be treated as resistance.
