EthereumShort
Ethereum Price Analysis: ETH/USD Dropps, Bearish Below $390
Ethereum price dropped heavily against the US Dollar and bitcoin.
On top of that, the MACD line just crossed the Signal one so we might see a bounce back towards 381$ (Resistance 1) or 389$ (Resistance 2) in extension.
If it fails to recover and breaks the $370 support area, it could accelerate losses towards the $350 level.
- The pair is currently correcting higher, but it is likely to face sellers near the $380 and $390 levels.
- The price is still between the 20 days Moving Average and the lower band of the Bollinger Bands confirming that the market is still bearish.
- RSI is 23 and it's showing that the downtrend may slow down for the short term as well as the Support of 362$ is very close.
On top of that, the MACD line just crossed the Signal one so we might see a bounce back towards 381$ (Resistance 1) or 389$ (Resistance 2) in extension.
If it fails to recover and breaks the $370 support area, it could accelerate losses towards the $350 level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.