- 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.