ETH breaks through critical support, where is the next stop?

Ethereum (ETH) has fallen since it hit an all-time high on May 12. So far it has only reached $ 1,750.

Technical indicators are falling in multiple time frames, which supports the continuation of the decline.

Long-term support level

ETH has been falling since May 12 when it hit an all-time high of $ 4,340. The decline was rapid, dropping to a low of $ 1,750 on May 23.

Technical indicators are falling sharply. MACD & RSI fall, the latter crosses below 50. The stochastic oscillator has created a bearish cross (red symbol)

The main support is at $ 1,400. This is the all-time high so far, which was confirmed once after the breakout.

Weekly ETH / USDT Chart | Source: TradingView

Incident in progress

The daily chart reflects bearish sentiment.

ETH broke a symmetrical triangle on June 17 and has since declined.

It is currently about to fall below the USD 1,900 support area. In addition, yesterday’s closing price was the lowest since March.

Finally, technical indicators offer a bearish outlook. The stochastic oscillator has created a bearish cross and both RSI and MACD are falling. The former is below 50 and the latter in the negative range.

The next support is at $ 1,450, which is in line with the long-term support described above.

ETH / USDT daily chart | Source: TradingView

Trader @TheEuroSniper outlined the ETH chart and said the token could consolidate in the $ 1500-2000 range for some time. This is in line with signals from weekly and daily timeframes.

Source: Twitter

ETH / BTC

The ETH / BTC pair offers a similar bearish picture. It has fallen since making a lower high on June 9th.

Similar to the USD pair, the technical indicators are definitely bearish. The RSI has fallen below 50 while the stochastic oscillator has created a bearish cross.

The number of waves indicates that it is a pullback with wave 4 (orange). The level that can serve as the low point of this movement is ₿0.05. This gives the sub-waves A: C (black) a 1: 1 ratio, in addition to reaching both the 0.618 fib retracement support and the parallel channel midline.

Then an upward movement is likely.

ETH / BTC daily chart | Source: TradingView

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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