- 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.