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Ethereum Market Update: ETH/USD Struggling Pull Away From Thursday 27 Lows

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Ethereum Market Update: ETH/USD Struggling Pull Away From Thursday 27 Lows
  • The Thursday declines extended under $300 before finding bearing just above the 50% Fib retracement level.
  • Attempts to recover have been thwarted by the prevailing selling pressure.

ETH/USD is still battling to stay above $300 following the devastating drop on Thursday. As reported by FXStreet earlier today, the correction from the highs marginally above $360 failed to get support at various key areas; $340, $320 and even $300.

The declines extended under $300 before finding bearing just above the 50% Fib retracement level with the last swing high at $363.54 to a swing low at $227.64. Attempts to recover have been thwarted by the prevailing selling pressure. Besides, the trend remains strongly bearish on the 4-hour chart.

Meanwhile, Ethereum is changing hands at $305 while immediately supported by the 50 Simple Moving Average (SMA) 4-h. The Bollinger Band 1-h suggest increasing volatility. Therefore, a correction above $320 will pull Ethereum out of the bear range and relaunch it to higher levels heading to $400.

Technically, the bearish bias is something the bulls will have to get accustomed to in the coming sessions today. The Moving Average Convergence Divergence (MACD) proposes increasing selling pressure with the increasing divergence south. The same sentiments are seen with the Relative Strength Index (SMA) which is almost touching the oversold after retreating from levels above 70.

ETH/USD 4-h chart

Image Sourced by Pixabay

Posted-In: crypto marketCryptocurrency News Eurozone Forex Global Markets General

 

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