Ethereum Price Technical Analysis – Downside Acceleration

Key Highlights

  • Ethereum price moved down further and traded below the last week’s low to set a new low of 0.00251BTC.
  • There is a bearish trend line formed on the hourly chart, acting as a hurdle for buyers in the short term.
  • There is a risk of more losses, as sellers look in control of the situation.

Ethereum price continued to weaken as the price fell to a new low of 0.00251BTC where buyers appeared.

Can Sellers Remain in Control?

There was a lot bearish pressure noted on the Ethereum price recently, which took the price towards 0.00250BTC. There were a couple of nasty spikes noted around the stated level, but every time sellers attempted to break it buyers appeared to prevent the downside. The price is currently correcting higher, but facing a resistance around a bearish trend line formed on the hourly chart of the Ethereum price. The price is also below the 100 hourly simple moving average, which is a sign that sellers are in control in the short term.

Ethereum Price Technical Analysis Ethereum Price Technical Analysis

If the price corrects higher from the current levels,

Read more ... source: NewsBTC USA