- Ethereum price moved down as forecasted against the US Dollar and all targets of the sell trade were achieved.
- Yesterday’s I highlighted that the price may spike down close to the $8.10-00 support area, which happened recently.
- The highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD played its part well in pushing the price down.
Ethereum price hit the final sell target of $8.00. Moving ahead, it is wise to wait for the next move as there may be a minor consolidation underway.
Ethereum Price May Range Trade?
Ethereum price ETH moved just as forecasted in my yesterday’s post in which I stated that there is a chance of the price moving down close to the $8.00 level. There was a downside thrust, and ETH/USD formed a yet another weekly low below $8.00. However, the bears need to be very careful in the short term, as there is a possibility that ETH may move in a range for a few hours before deciding the next move.
I prefer not to trade when the market may trade in a consolidation pattern. However, as long as ETH/USD is below yesterday’s highlighted bearish trend line on the hourly chart (data feed via
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