Ethereum Price Technical Analysis – ETH/USD Break Looks Real

Key Highlights

  • ETH price made a sharp downside move against the US Dollar, and broke the $9.80 support zone.
  • Yesterday’s highlighted connecting bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was cleared to open the gates for more declines.
  • There was a sharp decline in Bitcoin price due to the PBOC investigation announcement, which caused a decline in ETH too.

Ethereum price collapsed against the US Dollar due to a sharp selling in BTC after the PBOC investigation announcement. More losses to follow in ETH/USD?

Ethereum Price Declines

ETH price was seen holding the $10.05 support area against the US Dollar yesterday, but it could not hold for long. There was a sharp selling initiated in BTC price due the PBOC investigation announcement. It took ETH price down as well against the US Dollar. During the downside move, the price broke a couple of important support levels. First, yesterday’s highlighted connecting bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was cleared.

Second, there was a break below the 50% Fib retracement level of the last wave from the $9.40 low to $10.66 high. Later, the price also cleared another bullish trend line on the same

Read more ... source: NewsBTC USA

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