Strong Ethereum Depreciation: -15%!
Yesterday’s break of support level in $225 area, then the June low at $218 and in the end psychological support of $200 were just a start of Ethereum falls. Today ETH/USD lost 15% of value which brought attention of all cryptocurrency traders.
There is a reason for that. Ethereum is second most popular cryptocurrency in the world, just after more popular Bitcoin. Market capitalization of ETH is more than 18B. No wonder that huge swings on Ethereum chart are widely commented.
Yesterday's break was in pair with higher volume confirming strength of the signal. Today’s losses are just a continuation of yesterday’s sentiment. It seems like ETH/USD found some support in 174.50 area. There is outside retracement of last bearish impulse, however the problem is this level is not confirmed by price.
Even better level from technical point of view is 121.00 zone. Price in the past treated these areas as solid support, and it is strengthened by Fibonacci retracement should stop sellers one more time. 200.00 area which was solid support in the past now should be treated as resistance.
There is a reason for that. Ethereum is second most popular cryptocurrency in the world, just after more popular Bitcoin. Market capitalization of ETH is more than 18B. No wonder that huge swings on Ethereum chart are widely commented.
Yesterday's break was in pair with higher volume confirming strength of the signal. Today’s losses are just a continuation of yesterday’s sentiment. It seems like ETH/USD found some support in 174.50 area. There is outside retracement of last bearish impulse, however the problem is this level is not confirmed by price.
Even better level from technical point of view is 121.00 zone. Price in the past treated these areas as solid support, and it is strengthened by Fibonacci retracement should stop sellers one more time. 200.00 area which was solid support in the past now should be treated as resistance.
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