Search ForexCrunch
  • Ethereum leads Ripple and Bitcoin in losses amid a massive cryptocurrency selloff.
  • Ethereum price remains vulnerable to losses especially if support at $168 gives in to the selling pressure.

It is a gruesome day in the cryptocurrency market. Cryptoassets are facing the second selloff in less than a week and this time it is worrisome. All the top three cryptos are in shambles led by Ethereum’s 10% loss. Ripple follows closely with a 9.72% decline on the day while the granddaddy of cryptocurrencies, Bitcoin is down 6.4% to trade at $7,424.

Other cryptoassets recording double-digit losses are NEO (12.14%), Litecoin (10.74%), Iota (12.56%), Dash (11.96%), EOS (14.47%) and Bitcoin Gold (14.47%).

Ethereum price technical picture

Ethereum is trading under a three-month-long trendline; a situation that is hinting further declines in the coming sessions. An intraday low has formed at $168.57 while Ethereum price is flirting with $170.

If the technical picture remains the same, it would be a matter of time before the next support areas at $160 and $150 are tested. The RSI is digging deeper into the oversold while the MACD is exploring the negative territory. A bearish divergence from the MACD shows that sellers could stay in the driver seat a while longer.

According to the confluence support and resistance, Ethereum price must stay above $168, support highlighted by the previous low 15-mins and the pivot point one-month support one to avert the risk of succumbing to declines towards $160.

Recovery above $172 needs to be sustained to allow the buyers time to gather the strength to clear the resistance at $179; home to the previous month low and the Bollinger Band 15-mins middle curve. Other key resistance zones to keep in mind include $182.88 and $191.57.

ETH/USD 4-hour chart

BTC/USD price chart

 

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.