Ethereum Price Technical Analysis – ETH Bulls Watch Out

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Key Highlights

  • ETH price after failing to retain the bullish bias against the US Dollar failed and moved down.
  • Yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was cleared by sellers during the recent downside.
  • ETH bulls must trade carefully, as there is a chance of a downside move in the short term.

Ethereum price was trading above a short-term support versus the US Dollar until sellers appeared and took ETH/USD lower.

Ethereum Price Downside Move

Ethereum price looks like made a short-term top near $13.21 against the US Dollar. There was a move below the 38.2% Fib retracement level of the wave from the $12.59 low to $13.21 high, which ignited further downsides in ETH/USD. The most crucial point for the bulls is the fact that the price broke a couple of important support zones.

Yesterday, I highlighted a bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. During the recent downside move, the sellers managed to break It. Not only that, they also succeeded in breaking the 50% Fib retracement level of the wave from the $12.59 low to $13.21 high. At this moment, they are attempting for a close below the

Read more ... source: NewsBTC USA

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