Ethereum (ETH) price closed the week trading on Friday in a bearish trend. The weekend trading on Saturday has seen the price slide to early December 2017 lows. The cryptocurrency is down 8% in the last 24 hours after opening the trading session at $600. The selling pressure in the market is increasing as ETH/USD breaks several support levels.
Currently, Ethereum price is trading below both the short-term 100 simple moving average trendlines and the longer term 200 simple moving average. The moving averages are sloping downwards to indicate that the bearish trendline is strengthening and Ethereum could experience further declines. Consequently, the trendlines crisscross twice at $606 mark and at $604, which shows that the price will consolidate upwards toward the $600 level when the bulls take charge of the market.
During the decent, ETC/USD broke past several support levels at $600, $585 and $575. The hourly chart shows that Ethereum price did not find support at any the retracement levels. The price is trading below the 23.6% Fib retracement level with the last swing high of $625 and a low of $570. The increasing selling pressure means that traders are using their Ether to buy other coins in the market. The bulls have been walloped by the activities of the sellers.
Ethereum (ETH) must find support at $550 level to prevent further declines. If that fails, the losses could see Ethereum trade close to $500. If this happens then trading below $500 level is within reach and could happen in the next 24 hours. The market has to find a reason why to hold on to the ETC and bulls to increase the buying power to realize appreciable gains in price. In the event of a recovery forming, ETC/USD will encounter resistance at the 38.2% Fib retracement level. The major resistance will be at the $600 level which is also the 50% Fib retracement.
ETHEREUM’s price has seen a massive nosedive in price over the last 20 hours as its value plummeted to a low of $511 (£366.49) at 3am this morning.