- Ethereum broke down of crucial support.
- Tough to get back up.
Ethereum, the ambitious second largest cryptocurency by market capitalisation, broke down of a crucial support line earlier this week on the medium term chart and is sitting deadly tired at the pits from where it would require a lot of consolidation to make it stand up again.
ETH/USD is up about 0.6 percent on day at $216.50 and trading just above the low of the day. Ethereum broke down of a critical ascending trendline support on the 240-minute charts and since then has never been able to get back up on its feet.
Such brutal force the breakdown was that, it lost about 25 percent in a quick time and now close to almost a 12-month low, which should be able to provide some support to the bulls along with oversold RSI.
ETH/USD 240-minute chart:
Share
