Search ForexCrunch
  • Ethereum is trading lower as general cryptocurrency sentiment turns sour.
  • The general structure looks positive as the trend is still up.

 

ETH/USD has turned to the downside after meeting resistance at 185.00.

Following that the price broke below the 177.37 support zone which was the previous wave high.

The value area is the next level on the way down and holds around 168-170. This is represented by the volume profile indicator on the left and side of the chart.

The relative strength indicator (RSI) has also broken the trendline to the downside and also trades below the 50 mid-line.

Lastly, there is another glimmer of hope for the bulls and that is the trendline support which is set to meet price above the value area marked on the chart.

Ethereum Analysis