The crypto market continues its sharp correction, in correspondence with the global markets. Ethereum lost about 10% of its value last week and has started the first day of the week in the red. Earlier today, ETH recorded its lowest level since March 18, a five-week low.
Technical analysis by Grizzly
The Daily Chart
On the daily timeframe, the daily MA100 (marked blue), which has been supporting ETH for the past two weeks, eventually broke down.
The price is currently on top of the horizontal support at $2800, the first critical support level on the daily timeframe. On the other hand, buyer takers continue to retreat (marked red).
If the bulls could defend the support at $2800, ETH would still have to break many important levels on its way up, support which has now turned into resistance levels. From the bearish side, if the bears continue to control the market, the support at $2500 may be retested.
In general, the sellers seem to have the market’s control, and there are no bullish
We współpracy z: https://cryptopotato.com/eth-price-analysis-ethereum-at-5-week-low-here-is-the-critical-level-to-watch/
