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ETH/USD pares majority of weekly gains, trades near $370

  • Ethereum is down greater than four% every day on Sunday.
  • ETH/USD continues to be up modestly for the week.
  • Every day RSI dropped beneath 50 with Sunday’s droop.

Ethereum (ETH/USD) fluctuated in a comparatively tight vary on Saturday and got here in underneath sturdy promoting stress on Sunday. As of writing, the ETH/USD pair was down four.15% every day at $369.35.

Ethereum technical outlook

Earlier within the week, Ethereum staged a decisive rally however didn’t climb above essential $400. The truth that sellers have been gaining traction sinde that transfer on Thursday means that the downward correction may prolong to $350 (Fibonacci 23.6% retracement of early-September drop). If the pair breaks beneath that stage and confirms it as a resistance, it may goal the 100-day SMA near $325 subsequent.

On the upside, $375 (Fibonacci 38.2% retracement) aligns because the preliminary resistance forward of $400 (psychological stage/Fibonacci 50% retracement). 

In the meantime, the RSI indicator on the every day chart dropped beneath 50, suggesting that there’s extra room on the draw back earlier than the subsequent led up.

Ethereum every day chart

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