Ethereum Price Analysis: Bears Eye Pullback To $190 Support

11 Aug 1 640x400

Ethereum price recently broke out of a period of consolidation as mentioned in my previous analysis on ETH, completing an asymmetrical triangle in favors of the bulls but has since begun a pullback breaking the short-term support. Bears now eye $190 support around the visible range low. Ethereum Price 1-Hour Analysis On the 1 hour chart for ETH/USD, we can see how price action progressed after the breakout. Price levels tested $240 resistance and failed to gain on the 6th of August resulting in a rejection causing a pull-back to break the short-term support around $217. Since then price levels have continued to drop and looks poised to re-test the visible range low at $189 just below the 0.382 Fibonacci level. It’s important to note that volume remains reasonably low on this pull-back and will need to see a drastic increase in selling momentum to cause a crash through $189…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE