RATE Group | Ethereum price analysis: This breakdown proved deadly
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Ethereum price analysis: This breakdown proved deadly

08 Sep Ethereum price analysis: This breakdown proved deadly

Posted at 11:00h in Ethereum News by

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  • Ethereum broke down of crucial support.
  • Tough to get back up.

Ethereum, the ambitious second largest cryptocurency by market capitalisation, broke down of a crucial support line earlier this week on the medium term chart and is sitting deadly tired at the pits from where it would require a lot of consolidation to make it stand up again.

ETH/USD is up about 0.6 percent on day at $216.50 and trading just above the low of the day. Ethereum broke down of a critical ascending trendline support on the 240-minute charts and since then has never been able to get back up on its feet. 

Such brutal force the breakdown was that, it lost about 25 percent in a quick time and now close to almost a 12-month low, which should be able to provide some support to the bulls along with oversold RSI.

ETH/USD 240-minute chart:

 

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