Tuesday, May 18, 2021
Ethereum ETH remains vulnerable to downside below $1,725-15 key hurdle

ETH remains vulnerable to downside below $1,725-15 key hurdle

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  • Ethereum bears catch a breather around two-week low.
  • Clear break below one-month-old horizontal area comprising 200-SMA joins downbeat momentum to favor bears.
  • Downward sloping trend line from February 20 adds to the upside barriers.

Ethereum portrays a corrective pullback from $1,657, to currently around $1,680, during early Tuesday.

In doing so, the quote bounces off 50% Fibonacci retracement of the late February’s fall. However, the ETH/USD pair keeps the previous day’s break of the key support, now resistance, comprising 200-SMA and multiple levels marked from February 24.

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Other than the inability to cross the $1,715-25 resistance area, bearish signals from the momentum indicator also suggest no entry for the ETH/USD buyers. Though, sellers await a clear downside break of 50% Fibonacci retracement level, at $1,666, for fresh positions.

Meanwhile, 61.8% Fibonacci retracement level and a four-week-long falling resistance line, respectively around $1,755 and $1,907, add to the upside filters beyond the $1,715-25 immediate hurdle.

Overall, ETH/USD prepares for further declines towards the early month swing lows around $1,445.

ETH/USD four-hour chart

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Trend: Bearish

 

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