- We mentioned in yesterday’s post that the Ethereum price accelerated lower and traded near 0.00251BTC.
- Sellers were not convinced and managed to take the price lower below the mentioned level.
- A new low of 0.00230BTC was created, and it looks like there is a risk of more losses moving ahead.
Ethereum price continued to trade lower and even breached 0.00251BTC to trade near 0.00230BTC.
A break below 0.00230BTC feasible?
The downside pressure increased on the Ethereum price Intraday, and as a result there was a new low formed recently. The price traded as low as 0.00230BTC where buyers somehow managed to prevent downsides. We highlighted a major bearish trend line on the hourly chart yesterday, which is still valid and might act as a barrier if the price jumps higher from the current levels. Moreover, there is now one more minor bearish trend line formed on the hourly chart, acting as a resistance for a correction. The Middle Bollinger Band is colliding with the highlighted trend line, suggesting that it might act as a pivot area in the near term.
Furthermore, the 23.6% Fib retracement level of the last drop from 0.00337BTC to 0.00230BTC is also positioned with the highlighted trend line and resistance area. So, if buyers have to take the price higher, then a close above the Middle Bollinger Band is needed. If they succeed, then the next hurdle could be around the 50% Fib level, which is around the upper bearish trend line and the 100 hourly simple moving average.
On the downside, the recent low of 0.00230BTC might provide support in the short term. A break below it might ignite more losses moving ahead.
Intraday Support Level – 0.00230BTC
Intraday Resistance Level – 0.00255BTC
The hourly RSI is below the 50 level, pointing that more losses are possible.
Charts courtesy of Trading View