Ethereum Price Weekly Analysis – ETH/USD Testing Crucial Support

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Key Highlights

  • Ethereum price declined heavily versus the US Dollar, but currently trading near a crucial support.
  • There is a critical bullish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX), which may stop the downside going forward.
  • The 100-day simple moving average is also on the downside to act as a support area.

Ethereum price was under a lot of bearish pressure against the US dollar, and currently the bulls are fighting around a major support.

Ethereum Price Trend

Ethereum price ETH after staying above the $13.00 level against the US Dollar for some time, moved down and declined heavily. There was a solid downside move, which caught the ETH buyers by surprise. They were outpaced by the sellers, as the price declined below the $13.00 handle. The price also failed near the 50% fib retracement level of the last drop from the $14.26 high to $12.26 low lately, which ignited a downside move.

The price is currently trading near a critical bullish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX). It may act as a monster support area on the downside, and might produce a bounce. Another important point is the fact that the

Read more ... source: NewsBTC USA

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