- Another big rejection from a long running descending trend line, plaguing the bulls since 22nd September.
- ETH/USD next downside support is eyed at a demand zone within $190 area.
The ETH/USD bulls once again fell short of their major near-term challenge, which was breaking above a descending trend line, that has contained the price since 22nd September. A failure to sustain any form of upside continues to plague the bulls.
On each occasion the price has met with this above-mentioned descending trend line, a chunky sell-off has been seen. Should this play out again, eyes would be on another drop below the $200 mark, this has been protected over the past six days.
Technically, given the failure to breach the long running trend line, ETH/USD does appear vulnerable to some further downside pressure. The next area of support is seen at a below demand zone, around the $190 area.
ETH/USD 4-hour chart
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