Ethereum is not out of the woods despite closing last week’s candle in green. The mid-term uptrend is threatened by increasingly high selling pressure.
The Daily Chart
The daily chart remains bearish. The diagonal support (in green) has so far kept the price from falling further but is now in danger of being broken.
Additionally, the 61.8% Fiib level (in yellow) is near this level of support. If the pair closes below $1,210 in a ETH could find itself in a dangerous situation where the selling pressure could increase and lead to a steeper decline. A move like this could result in a flood of stop losses, leading the price to potentially fall as low as $1,000 (in white).
Alternatively, the bearish sentiment will likely start getting invalidated if ETH can increase above $1,400 (in red). As lengthy upper wicks emerge on the chart, this level is strongly defended by sellers.
Key Support Levels: $1210 & $1000
Key Resistance Levels: $1400 & $1550
Daily Moving Averages:
The ETH/BTC Chart
Against Bitcoin, the cryptocurrency is trading above the support zone between 0.0645 and 0.0663 BTC (in green). A break and close below it would pave the way for another leg down towards 0.06 BTC (in white).
This chart’s structure is entirely bearish, and there is no hint of a trend reversal. It appears there is no hope of a substantial upward rise as long as the price remains below the barrier of 0.073 BTC (in red).
Key Support Levels: 0.0645 & 0.06 BTC
Key Resistance Levels: 0.073 & 0.08 BTC
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Cryptocurrency charts by TradingView.