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Ethereum (ETH/USD) Under $300 with $200 in Sight

In June, I noted that ETH/USD had downside risk to $300.

"Be Ready for Ethereum (ETH/USD) at $300" June 10, 2018

This week, price fell sharply below $300 and is free-falling. 

ETH/USD Daily Chart

  • The daily chart shows that we are still in a bear market that started after the late 2017 hype.
  • Price has retreated back to the September levels.
  • The next support might be in the $200-$210 area, which involves the $207 Sept.2017-low. 
  • The RSI is in the oversold area, but in this bear market, we should not look for the bottom just yet.
  • If we get a bullish divergence between price and the RSI (lower price low, but higher RSI low), then we can start anticipating a bottom. 
  • Even then, we should limit upside to the $350-$400 area, which might appear to be an aggressive upside from $210. But this volatility can be expected in crypto. 

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