Forex and Crypto News

The next 24 hours will be decisive for ETH

16:22 22 September /2020

Ethereum was trying to break above $390 for 3 days, but to unsuccessfully. And yesterday, Ethereum, like other cryptocurrencies, followed the example of Bitcoin and showed a decline. As a result, the pair ETH/USD dropped from $390 to $340.

If you look at the 4-hour chart of the ETH/USD pair, you can see that the price has broken the lower border of the channel. The ETH/USD pair dropped below the 50 MA on September 20 and within 24 hours the bears increased their pressure, which ultimately resulted in a decline.

ethusd-22-september.jpg

Increased pressure can also be seen on the chart of the RSI technical indicator chart. A downtrend was formed here, which was broken. And yesterday the price of Ethereum dipped into the oversold zone before rallying to the 36 area.

Now the growth of the ETH/USD pair above the $350 level seems unlikely. At the same time, a further downward movement of the pair should not be ruled out. Immediate support for the ETH/USD pair at $336. The next support is at $323.

The Awesome Oscillator is showing increasing pressure, which could help push the price below the $323 support level to $305. The next 24 hours will be decisive for the ETH/USD pair, but a new decline is likely.

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