Ethereum Price Key highlights:
- Ethereum price is starting to make a downside break from the previous triangle consolidation pattern highlighted.
- This suggests that selling momentum is starting to pick up once more, potentially yielding further declines.
Ethereum price has moved below the previous intraday support at 0.00250BTC, setting the stage for a potential drop to the next support at 0.00230BTC.
New record lows?
Increased selling momentum could take the price down to its record lows at around 0.00210BTC in mid-August this year or even lead to the creation of new lows.
The 100 SMA is edging farther away from the 200 SMA, indicating a buildup in selling pressure as well. Meanwhile, stochastic and RSI are both on the way down, which suggests that the path of least resistance is to the downside.
However, a bounce off the near-term support at the 0.00230BTC level could lead to a retest of the broken triangle support around 0.00240BTC to 0.00250BTC, which might still hold as resistance. Profit-taking could ensue at the intraday support zones and lead to a quick bounce.
Intraday support level – 0.00230BTC
Intraday resistance level – 0.00240BTC
Charts courtesy of TradingView.