Free fall in the Ethereum prices – How deep in can it go?
The Ethereum price declined over 10% against the U.S. Dollar at the start of this week, placing fresh lows of 2018. A strong bearishness in the ETH/USD doesn’t seem to halt until the $235 level is met. It’s not just Ethereum, but other cryptocurrencies are also exhibiting a sharp sell-off. Recalling our earlier update on BTC/USD, the market slipped below $6,000 to place a low of $5,858 before pulling back.
One of the reasons behind the bearish sentiment in the crypto market could be a stronger dollar. As we discussed on Aug 14 – Economic Events Brief, the dollar index has placed a new monthly high after violating the Ascending Triangle pattern.
ETH/USD – Daily Chart
Technically, the ETH/USD is very bearish as you can see on the daily chart. The pair has formed a long-term bearish channel on the daily chart which is likely to extend support to $234. On the upper side, resistance prevails at $280.
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