- Ethereum bears attack late on Tuesday, dropping a big 7% at the back end of the session.
- Price action was forced out from a narrowing range block formation. `
Ethereum late on Tuesday, was nursing losses over 7%, as the sellers flew in, after an initially very slow trading session. ETH/USD price has managed to move into consolidate mode, after the deep described fall.
ETH/USD had been moving within a narrowing range, since 14th January, which followed the big aggressive spike higher seen then. Price action was trading within a range-block formation, as can be seen via the 15-minute view.
Looking via the daily confluence detector, the next major areas of support are still seen some way south. Firstly, $113.21, monthly pivot support point, then $111.96, monthly 61.8% Fibonacci level. Vulnerabilities remains titled to further downside.
ETH/USD daily confluence detector
ETH/USD daily chart
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