Ethereum has been shaky against the USD and among its peers in the crypto space. I think there is more downside in ETH/USD before it will find support.
ETH/USD 4H Chart
- First of all the prevailing trend is bearish.
- Price is still trading under the 200-, 100-, and 50-period simple moving averages (SMAs) in the 4H chart.
- Also, the RSI is holding below 60, a sign that the prevailing bearish momentum is still in play.
- The $420 area was a key support, and it is acting as a key resistance now. After failing to clear above $420 a couple of times, the market will likely lose hope in the short-term, which should lead to further downside.
- Looking at the daily chart below, we can see that price has re-entered the consolidation area of 2017.
- The middle of that consolidation range is around $300. I think it is very possible for price to go back into the middle of this range, and therefore believe there is downside towards the $300 mark before expecting significant support.