Ethereum Price Key Highlights
- Ethereum price is gaining downside momentum as it proceeds to create new record lows below 0.00211BTC.
- No reversal candlesticks are in sight just yet, indicating that the selloff could carry on.
Ethereum price seems to be aiming for new lows, as more sellers hopped in on the recent break from consolidation. Technical indicators are also suggesting that further losses are likely.
Not yet oversold?
On the daily chart of ethereum price, stochastic and RSI are still pointing down, which suggests that price can keep heading south. Shorter-term time frames don’t show any signs of a possible correction from the latest slide, indicating that bearish momentum is in play.
Bearish candlesticks have been small though, suggesting that bears are still hesitating to pile on their short positions. A turn higher from the oscillators could draw some buyers in or trigger a bit of profit-taking, possibly until the previous support around 0.00225BTC.
Steady declines could take price down to the next major psychological support at 0.00100BTC, especially if bitcoin enjoys further upside pressure. A larger pullback could last until 0.00250-0.00300BTC if the selloff proves to be overdone even in the longer-term chart.
Intraday support level – 0.00180BTC
Intraday resistance level – 0.00225BTC
Charts from TradingView