- Ethereum losses ground, down 5% with bulls running out of steam across the board.
- Next downside target could be a complete retracement of last week’s advances.
The Ethereum price is seen down over 5% on Monday, which saw last week’s bulls run come to an end, after a solid set of gains seen through the trading week. The drop comes as the crypto market moves in lock-step with the bearish trend resuming business as per usual for now.
Strong advances were made for Ethereum in the previous trading week, after jumping 40%. The price received a healthy amount of bidding within a touted demand zone, seen between $360-390. ETH/USD went on to rally from lows of $360 up to highs of $530, before running into resistance and losing steam.
Technically, given the moves seen on Monday and a big rejection at key resistance, it wouldn’t be too surprising if this momentum continues to the downside. The resistance is seen at a major ascending trend line, that had been supporting the price through much of its move higher in 2017, running from July 2017, before it broke out the downside on 26th March. Next downside target could simply be a complete retracement of last week’s advance, $360-390 for next support zone.
ETH/USD daily chart