Ethereum experienced a significant correction last week, losing more than 14% of its value. But does this down trend continue? Stay with cryptobrant to answer this question
As you can see in the image above, Ethereum has a double-top pattern that has lost its support, so it can continue its down trend.
The important support in front of that area is $1,280 to $1,360
RSI indicator is on the support level of 30 in the daily time frame and this issue can increase the probability of receiving sufficient support for Ethereum at the announced prices.
It seems that the current corrective movement is more of a pullback to retest the broken levels and trend and we have to wait and see how it reacts after reaching the support area.
After reaching these support area, we will analyze Ethereum again, so follow the cryptobrant