- Ethereum dives head first from highs above $360 to intraday lows under $300.
- The 50 SMA is the immediate support but further declines will find solace at the 38.2% Fib level.
The ongoing crypto carnage sending most digital assets on a tailspin. Ethereum is under $300 press time following declines from highs above $360. The declining price is in connection to Bitcoin which has plunged from highs above $13,000 to levels close to $11,000.
Ethereum uptrend from the lows in June around $226 has been making and breaking new yearly highs. The recent surge above $350 was a key indicator that $400 was around the corner. However, the snag-hit above $360 has sent the crypto head first falling like a stone in the air.
All technical indicators negative at press time. The RSI is almost hitting the oversold after sharply dropping from the levels above 70. The MACD’s divergence to the south suggests that the sellers will continue to have a field day in the coming days. The 50 SMA is the immediate support while the 38.2% Fib level will offer additional support at $280.
ETH/USD 4-h chart