Ethereum Technical Analysis: Selling Pressure Continues

Selling pressure continues in Ethereum, which is in second place behind the leading cryptocurrency Bitcoin. Ethereum, which could not close above the $ 1700 resistance zone last week, has taken its share of the complex sales in Bitcoin. Ethereum, stuck between EMA5 and EMA21 yesterday, did not meet the hard sell and fell below EMA21. The selling pressure will likely increase in Ethereum, which started the day under EMA21. Ethereum, which created the day at $ 1651, closed at $ 1607 with a decrease of 2.60% in sales after seeing the highest level of $ 1664.

Ethereum, which started at the $ 1607 level, is trading at $ 1602 with a decrease of 0.36% at the time of writing.

Ethereum Chart Analysis

The pullbacks are increasing with the increased selling pressure in Ethereum, which has lost strength by failing to break the $ 1700 resistance zone many times in the last week. Ethereum, traded between EMA5 and EMA21 yesterday, closed below $1622, which is the EMA21 level, with incoming sales. The decline will continue unless it closes again above the $1628 EMA5 and $1622 EMA21 levels. If the pullback continues, the horizontal support point of $ 1557, the EMA55 of $ 1546, and the EMA 200 of $ 1541 are the support points that we should follow closely.

Ethereum Technical Analysis: Selling Pressure Continues

This article does not contain investment advise or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when deciding.

You might check: Keeping Your Crypto Safe: The Importance of Trust Wallet in the Crypto Landscape

Dareen Cone

Experienced Journalist with a demonstrated history of working in the financial services industry. Skilled in Management, Banking, Strategic Planning, Business Development, and Teamwork. Strong community and social services professional with a Bachelor's Degree focused in Economics.

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