Ethereum News

ETH/USD retraces Wednesday’s gains, bears eye $400


  • ETH/USD erases yesterday’s recovery gains as the negative sentiment surrounding the cryptocurrency market weighs.
  • The RSI indicator on the daily chart eases below 40 to suggest that the bears preserve their strength. 
  • $400 remains as the next short-term target ahead of $360 (2018 low).

ETH/USD daily chart

Spot rate:                   434.35

Relative change:        -2.42%

High:                           445.75

Low:                            426.46

 

Trend:                        Bearish

 

Support 1:                 400 (Jun. 29 low/end point of May 5 – June 29 doıwntrend).

Support 2:                 360 (2018 low).   

Support 3:                 300 (psychological level/horizontal support from Nov. 2017).  

Resistance 1:            455 (20-DMA).

Resistance 2:            500/505 (psychological level/Fibo. 23.6% retracement of May 5 – June 29 downtrend).

Resistance 3:            570 (Fibo. 38.2% retracement of May 5 – June 29 downtrend). 



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