Ethereum (ETH) Price Dives 20%: Recovery Could Be Difficult

THELOGICALINDIAN - Ethereum amount is aback in a abbreviate appellation bearish area against the US Dollar and bitcoin ETH amount could balance aloft 300 but it is acceptable to face attrition abreast 310 or 320

Ethereum Price Analysis

In the accomplished few sessions, there was a aciculate access in affairs on Ethereum and bitcoin adjoin the US Dollar. The ETH/USD brace topped abreast the $364 akin and beneath acutely beneath $350. It bankrupt the capital abutment abreast the $320 akin and the 100 alternate simple affective average. The abatement was such that there was a abutting beneath the $320 and $318 axis levels.

Moreover, this week’s followed key bullish trend band was breached with abutment abreast $318 on the alternate blueprint of ETH/USD. Ethereum amount is now trading able-bodied beneath the $310 akin and it afresh beneath appear the $275 level. A beat low was formed abreast $274 and the amount is currently acclimation higher. It recovered aloft $290 additional the 50% Fib retracement akin of the contempo abatement from the $314 aerial to $274 beat low.

However, Ether is adverse a able attrition abreast the $300 level. Moreover, the 61.8% Fib retracement akin of the contempo abatement from the $314 aerial to $274 beat low is acting as a hurdle. More importantly, there is a abutting bearish trend band basic with attrition abreast $300 on the aforementioned chart.

It seems like the amount may actual college aloft $300 in the abbreviate term. However, the beasts are acceptable to face a able attrition abreast the $310 and $315 levels. The capital attrition is now abreast $318 and the 100 alternate SMA. A acknowledged abutting aloft $320 is bare for the beasts to accretion traction.

Looking at the chart, Ethereum amount confused aback in a bearish area beneath $320 and $310. A acceptable accretion won’t be accessible aloft $310 or $320. If the amount continues to attempt abreast $300 or $310, there are affairs of a beginning abatement appear $280 or $275 in the abreast term.