Ethereum Price Key Highlights
- Ethereum price has been able to sustain its downside momentum from yesterday’s break below the symmetrical triangle support visible on the 1-hour chart.
- Price has made its way to the next support area around 0.00240BTC, which coincides with its lows last month.
Ethereum price is currently under heavy selling pressure after having broken below its short-term consolidation pattern, with sellers likely to have enough energy to push for new record lows.
Another pullback possible?
Ethereum price made a quick bounce upon testing its record lows, signaling that a pullback to near-term resistance levels might take place before it resumes the selloff. Price could retreat to the broken support at 0.00250BTC, which might now hold as resistance.
The 100 SMA is still below the 200 SMA, confirming that the path of least resistance is to the downside. Meanwhile, stochastic is on its way down but appears to be heading back up. RSI is pointing up after nearing the oversold zone, suggesting that profit-taking might be in play.
A descending trend line can be drawn to connect the previous highs of Ethereum price since late September, with the falling resistance area lining up with the intraday resistance at 0.00250BTC.
Intraday support level – 0.00230BTC
Intraday resistance level – 0.00250BTC
Charts from TradingView