- Ethereum price tumbled further against the US Dollar and traded below the $11.00 support area.
- There are a couple of bearish trend lines formed on the hourly chart (data feed via Kraken) of ETH/USD, which are acting as a barrier for a recovery.
- My yesterday’s bearish view paid off since the price moved down further and broke the $11.20 support area.
Ethereum price is under a lot of bearish pressure, which calls for a test of $10.00, but I think it’s time for sellers to book profits for now.
Ethereum Price Tumble
Ethereum price ETH was crushed during the past few hours, as the price tumbled against the US Dollar. Yesterday, I stated that I switched my bias to negative in the short term, and looking for a test of the $11.20 support area. The price did move down and not only tested the stated level, but also broke it. A new weekly low of $10.66 is formed in ETH and it looks like we should remain bearish in the short term.
Yesterday’s bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD is still in play, but there is another trend line formed on the same chart, acting as a