RATE Group | Ethereum Price Analysis: ETH/USD Breakdown Could Reach $203-207
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Ethereum Price Analysis: ETH/USD Breakdown Could Reach $203-207

03 Oct Ethereum Price Analysis: ETH/USD Breakdown Could Reach $203-207

Posted at 08:13h in Ethereum News by

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Key Highlights

  • ETH price failed to gain momentum above $232 and declined recently against the US Dollar.
  • This week’s followed important bullish trend line was breached with support at $225 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently in a bearish zone and it could continue to move down towards $207 or $203.

Ethereum price is grinding lower against the US Dollar and bitcoin. ETH/USD may well accelerate losses towards $203 if sellers remain in control.

Ethereum Price Analysis

There was a strong hurdle faced near the $232-234 zone by ETH price against the US Dollar. The ETH/USD pair failed to gain momentum, started a downside move, and broke the $228 and $225 support levels. During the decline, there was a break below the 50% Fib retracement level of the last major upward move from the $213 low to $239 high.

More importantly, this week’s followed important bullish trend line was breached with support at $225 on the hourly chart of ETH/USD. The pair is now…

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