ETH/USD another wave of downside pressure

  • Ethereum price is trading in the red, down over 5% in the session on Thursday. 
  • ETH/USD is back within the control of the market bears, following a short-lived bounce. 
  • The bears retain control, as rallies continue to be sold as trend remains tilted to the downside. 

ETH/USD weekly chart

The price is running at its sixth consecutive week in the red, as the bears maintain full control. Downside pressure has been intense since critical support gave way, $180-170 price range.

ETH/USD daily chart

Stabilization has been found at the $120 price mark, however upside is capped by daily resistance at $132.

Spot rate:                     126.02

Relative change:        -5.30%

High:                            134.10

Low:                             125.60

Source Link