- Ethereum price dived this past week and surprised many traders with the fall from $15.00 to $9.0.
- However, the price found support near a major support area of $8-8.50 and started to move back higher.
- There is a bearish trend line formed on the 4-hours chart of Ethereum price (data feed via Kraken), which may act as a resistance if the price moves higher.
Ethereum price managed to recover after heavy losses. The question now is whether recovery can continue? Can you plan to sell?
Ethereum Price – Sell as long as below 100 SMA
Ethereum price dived sharply this past and trimmed more than 30% of gains to trade below the $10.00 support area. However, there was a major support area at $8.50-8.00, which managed to prevent any further losses. The price started a recovery and traded above the 23.6% Fib retracement level of the last drop from the $15.00 high to $8.09 low. This is a positive sign for the bulls in the near term, but cannot be seen as a change in the trend.
There is a bearish trend line formed on the 4-hours chart of Ethereum price (data feed via Kraken), which may be seen as a major resistance