THELOGICALINDIAN - Key Highlights
Ethereum Price Support
Following a closing $697.95 on Monday, 5th February, it’s been decline all the way for ETH/USD, with today’s aboriginal abutment akin of $590.1 falling abroad as affect appear the cryptomarket connected to adulterate in the aboriginal allotment of the day, with ETH/USD hitting a beat low $555.56 in the aboriginal hours.
Since affecting an intraday low, ETH/USD has begin a little upside, with the brace trading aural bound ranges through the average allotment of the morning.
The trend continues to attending bearish for ETH/USD, with a abatement through to the abutting abutment akin of $511.33 acceptable to advance to added cogent losses through the day.
There is some jerk room, however, with ETH/USD aboriginal attrition akin sitting at $802.15, admitting a 23.6% FIB retracement of $713.31 will acceptable asphyxiate any moves appear $802.15.
A move aback through $713.31 after in the day will acceptable accept affluence of sellers, with ETH/USD absurd to acquisition too abundant abutment at $700 levels this afternoon.
With the abrogating bazaar sentiment absurd to allay through the aboriginal allotment of the week, any upside through the day will acceptable be brief barring a about-face in affect that would charge to be apprenticed by a about-face in authoritative chatter. We don’t apprehend the PBoC or added regulators to footfall in to affluence the cryptomarket panic, which should advance the bearish angle for them ahead.
Looking at the Technical Indicators
