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Ethereum technical analysis: ETH/USD downtrend targets $150

  • Ethereum resumes the downtrend amidst broad-based declines in the cryptocurrency market.
  • Ethereum’s short-term technical picture remains positive despite the correction on Thursday.

Spot rate: $173.82

Relative change: -0.8456

Percentage change: -0.47%

Trend: Bullish

Volatility: Shrinking

ETH/USD daily chart

Ethereum corrects under the 50-day Simple Moving Average (SMA) as it approaches the critical support at $170.

The Relative Strength Index (RSI) downward slope signifies the strong bearish grip on the price.

ETH/USD 240′ chart

For the first time in a week, Ethereum is grinding closer to the support at $170.

The Moving Average Convergence Divergence (MACD) sinks deeper in the negative region emphasizing the growing bearish momentum.

ETH/USD 60′ chart

From a short-term perspective, Ethereum has the potential to force a reversal towards $180.

The MACD shows Ethereum having a short-term bullish bias but the bulls must make sure to defend the trendline support.

 

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