- ETH/USD is firmly in the control of the market bears, with no bottom in sight.
- Given current developments, the next major weekly support will likely be eyed in the $80 territory, last seen here in May 2017.
Ethereum price late on Friday was trading down over 2.6%, as the pressure continues to mount across the entire market. Several ‘experts’ and ‘analysts’ continue to put their fingers in the air and predict where the price will bottom.
There is no clarity at this stage, as the price continues to fall into the abyss. This type of fall being observed from the levels of which is has come from, is very much unchartered territory. ETH/USD is move than capable of dropping deeply below the $100 mark.
ETH/USD this week has breached key weekly support, an area that provided some assistance back in July 2017. Given the breach, this could invite a fall down towards the $80 territory. The price last traded here back in May 2017.
ETH/USD weekly chart
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