- Ethereum price is 50% down against the USD
- Ethereum broke the $78 and $68 support points
- ETH/USD has formed a bearish pattern on the charts
Ethereum News Today – the price of Ethereum is reportedly down by more than 50% on the day against the USD. The price of ETH broke several crucial support positions. The coin is now moving towards the $78 and $68 areas both of which are support points. The price of Ethereum reportedly collapsed beneath the $150 and $100 positions due to the ongoing harsh market conditions.
ETH/USD is forming a bearish pattern via the daily and weekly charts. However, the Ether price had a break under a major bull pattern. This found support at the $183 position via the weekly chart.
The Price of Ethereum Could Drop Further
In the last three trading sessions, we have seen a massive drop in the price of Ethereum from above the $195 area against the USD. The ETH price also tumbled more than $100. It eventually broke several important support areas to initiate a strong downward movement. This price decline caused a substantial-close beneath the $150 area and the 100-week SMA.
Additionally, there was also a break under a major bull pattern with the support position at $183 via the weekly chart of the trading pair. The price of Ethereum also failed to maintain its position above the 76.4% Fib retracement point via the last major upward movement from the $111 to $292. The coin’s price is now trading under the $100 support area. It appears that this might continue and the coin will move down.
Will this Bear Pressure be Long Lasting?
Ethereum has initial support at the $78 area. If the coin’s price fails in its attempt to stay ahead of the $78 area which is also a support area, it could maintain its move downwards to the $68 area. The support that was mentioned here ($68) also holds plenty of importance because it is at the 1.236 Fib level via the last major bull movement from $111 to $292.
Any additional losses could decrease the chances of a crucial bounce shortly. The recent collapse in the price Ethereum destroyed the overall market sentiment. No wonder, the current bear sentiment may last for several more months.
The digital asset market changed its movement. And to stage a strong recovery the ETH bulls must put a strong fight. If the bulls can successfully protect the supports at $78 and $68, there will be a strong chance of recovery. The final line of defense for the long-term outlook could enter the $50 area