RATE Group | Ethereum Price Breaks Key Support & Heads Below 300$ (Technical Analysis)
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Ethereum Price Breaks Key Support & Heads Below 300$ (Technical Analysis)

14 Aug Ethereum Price Breaks Key Support & Heads Below 300$ (Technical Analysis)

Posted at 07:46h in Ethereum News by

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Yesterday saw another very bad day in the markets with the total market cap dropping to $191 billion at the time of writing and with Ethereum fairing especially badly.

Ethereum Price

Analysis

The price of Ethereum dropped yesterday by 19.23% from last Friday’s high at 362$ to 293$ breaking key support 337$ along the way. As of 14th August It now stands at $264.

Zooming out to the daily chart we can see the level’s significance.

This horizontal level was considered as strong support as that level was the level from which the all-time high was made to 1380$ after a breakout a served as strong resistance before. Currently, the price is looking for support and it looks like it found some on the next minor horizontal range, but the momentum behind the weekends sell-off is massive and I don’t believe that this support is going to hold for much longer.

The next support level I do see strong enough to hold the momentum is at 221.68$ but the path to it won’t necessarily be in a straight line…

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