The near top of ETH was short-termed, and the downside correction took it down after failing to stay clear above the $580 ETH/ USD support level. This triggered a substantial decline, and there are chances of seeing it go down further.
Major Signals
- ETH couldn’t stay above $580 support, and downside correction has started
- The possibility for more downslide after ETH/USD tested $507
- If the $550 resistance is not recovered, more losses are looming
Further declined, say ETH below $520 (around $507) but had little recovery and now trades above the $525 level. What is happening is a 23.6% Fib retracement test, which saw it go from $605 to as low as $507.
For ETH to be back in the positive zone, it must be around the $580 level. Do you think ETH will go up or down? Share your thoughts in the comment section.
