The Technical Outlook for Ethereum
Early this moth ETH/USD showed relative strength among the major cryptos.
Although last week’s pullback saw Ethereum move below support at 700, it has risen back above it and price did not break below the invalidation mark at 627, tilting to Bearish.
Currently, Ethereum is trading at: 686.605, -47.715, or -6.50%, as of 5:35a BST, the market is open
When Ethereum moved above its 200-Day MA. So, the Bullish bias revives.
Support turned resistance is at 800 – 835 brings on profit-taking. The Bulls are looking for it to clear Key resistance at 800-835 for Bullish confirmation.
If this occurs the target is the 61.8% Fibo retracement mark at 1016/7, or if Ethereum falls below 700 support (which it has today) and holds then see a move due South to 535 or lower.
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