Ethereum price is trading in a negative zone against the US Dollar and Bitcoin. ETH/USD may continue to face sellers and it could soon trade towards $600.
There was a nasty decline in ETH price from well above $800 this past week against the US Dollar. The price started a downside move and traded below the $800 and $700 support levels.
The downside pressure was aggressive and the price traded as low as $642.63. A recovery wave was initiated from the mentioned low, but the recovery was capped by the $740 level.
It moved above the 23.6% Fib retracement level of the last drop from the $873 high to $642 low. However, buyers were not able to push the price above the $740-750 resistance.
Moreover, there was a failure near the 50% Fib retracement level of the last drop from the $873 high to $642 low. There was a major rejection noted from the $750 level and the price declined. Read more from newsbtc.com…
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