Ethereum Plunges 21% In Last 7 Days, Drops Below $1,600

Ethereum (ETH) is down 20% in the last week and triggering a negative sentiment in the market. Ethereum stalls and fails to make a comeback in the last week ETH flunks at reclaiming $2,000 level Ethereum RSI indicates a bearish stance Additionally, Ethereum also didn’t make it to the $2,000 mark. The bears are trying to yank ETH price down and pin down the bulls. Only the daily chart, there is a formation of a rising wedge pattern indicating that a bearish movement could drag on. The bulls are looking to stave off a decline shooting below the $1,700-$1,800 levels. RSI for Ethereum has also retrograded below the baseline implying that the bears are now on top of the market. According to CoinMarketCap, Ethereum is down 21% and trading at $1,571.25 as of this writing. Related Reading: Cardano (ADA) Could Shed Another 14% Off Its Price – Here’s Why Ethereum Triggers Massive Selling Pressure If ETH/USD pair continues to plunge, the next support is now clustered at the $1520-$1570 range. This new support line is the result of the convergence between 50-day moving average line and the 100-day moving average. Now, if this level breaks, a bear structure may form, that can send Ethereum dropping to $1,280. To sustain the bullish momentum, the bulls will have to maintain its price above $1,700. Ethereum has triggered a massive selling pressure as it heads south providing a knife-catching break. With Ethereum’s 21% decline, this proves to...