The crypto-fiat pair of ETHUSD continues to challenge the ascending support line seen on the weekly chart, as this week’s selloff in the cryptocurrency market continues. ETHUSD is presently trading at $212.46 (as at the time of writing), having bounced off intraday lows at the ascending support line.
Technical Plays for the Week
If the bearish sentiment persists and ETHUSD is able to break the support line with a 3% downside penetration, it will make a push to the next horizontal support at $178.11. This price level was a previous low in October 2018 and also a previous resistance in April 2019 (functioning in role reversal).
On the flip side, a recovery could see ETHUSD retest the $268.50 price level, where price found resistance in June 2019. There are shorter-term pitstops along the way where price action may display some indecision, as buyers and sellers struggle to get some quick entries and exits.