Pullback for ethereum started over the weekend as the second largest cryptocurrency broke out of a consolidation period completing an asymmetrical triangle favoring the bulls. However, since then it began a pullback breaking the short-term support and now the bears are eyeing the $190 support as we are reading in the latest altcoin news reports.
On the 1-hour charts for ETH/USD, the price action is clearly visibly progressing after the breakout. The price levels tested the $240 resistance and failed to gain over the last few days which resulted in rejection causing a huge pullback for ethereum and breaking the short-term support at $217. The price levels have since continued to drop and it seems like they will re-test the visible range low at $189. It is also important to note that the volume remains relatively low on the pull-back and will now have to see a huge increase in selling momentum in order to cause a crash over the 9 support making it very likely that there could be a bounce-back as the market price tests the key support level.
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On the 8-hour charts, the support is standing at $189 and originates from being the local top throughout the middle of April right before the price levels broke out and tested the $282 resistance level. The RSI has still yet to come to the oversold zone but it appears that it is getting near that trajectory. It is also likely that the RSI will be fully oversold which could be a good enough reason to consider re-entering the level. The volume appears to be flatlining in comparison to volumes that we have seen throughout April, May, and June. The Point of Control is now at $168 and will represent the next key support level in order to look out for the $189 breaks. The 15SMMA and 50MA can be seen crossing down over each other and this could signal a bigger downside.
In the latest cryptocurrency news, we saw that the Bitcoin Sentiment is very much bullish since the price levels are reaching to $2,000 since the beginning of the month. On the charts, you can clearly see a bullish pattern forming which could mean that the bulls have been in control over the price action over the past few days.
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