Ethereum price analysis: ETH/USD butchers its way through support levels; Cryptocurrency market spirals downwards

• Cryptos sustained huge declines on Friday, market triggered by regulation news.
• Ethereum price is upside is capped below $480, buyers are battling for support above $470.

Ethereum price has not been spared by the fresh declines sweeping across the market. The crypto dropped ignoring several support areas only to find support above the previous demand zone at $460. There have been a couple of triggers in the market today. India’s exchanges fret as RBI directive to cut banking support nears. The regulator in Japan, FSA directs six crypto exchanges in the market to improve their anti-money laundering measures.

At the moment, Ethereum price is trading marginally above $470 while attempts to recoil above towards the key resistance at $480 have been rendered unsuccessful. The 61.8% Fib retracement level with the last swing high of $543 and a low of $450 will also limit the gains towards the next target at $490. The buyers are, however, psychologically eyeing $500.

In the meantime, they must battle to prevent declines below the immediate support area at $470. Another break past this level could have ETH/USD testing the previous week’s lows of $450. The indicators on the chart show that sellers  have the influence in the medium-term.

ETH/USD 30-minutes chart