Ethereum Price Weekly Analysis – ETH/USD Downtrend Intact?

BitsPlan

Key Highlights

  • Ethereum price remained under a lot of pressure this past week against the US Dollar and Bitcoin.
  • There is a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX), which is pushing the price down.
  • The $8.00 handle may play a major role for the pair in the near term for the ETH buyers.

Ethereum price is under a lot of bearish pressure vs the US Dollar and Bitcoin, and ETH/USD may continue to trade lower going forward.

Ethereum Price Downside Pressure

It was a bad week for ETH price, as it declined heavily against the US Dollar and Bitcoin. There was an increase in the bearish pressure, igniting downside move in ETH/USD and ETH/BTC. The ETH/USD pair even traded towards $8.46 before correcting a few points. On the upside, there is a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX).

It acted as a monster resistance area for the pair, and may continue to push it lower. It already corrected once, but found sellers near the 23.6% Fib retracement level of the last decline from the $12.75 high to $8.46 low. The chart does not support a Read more ... source: NewsBTC USA