With Yesterdays development, as Ethereum price failed to hold ground above the $320 important supporting mark, the pair ETH/USD clearly would be heading diving underwater and trade below the $300 mark. The ETH descending proportionally was initiated with the news coming out the China has officially banned ICOs. Leading virtual currencies paired with USD like Bitcoin, Bitcoin Cash and so on were massacred yesterday after the news came out. After flowing below $275 (specifically $274.01) there could a minor recovery attempt happening.
Since the last declining wave from $319.34 to $274.01, it is trading close to 23.6% Fib retracement level. For the moment that are two major bearish resistance lines made close and above the $320 mark on the hourly chart of the pair ETH/USD. That is indicating buyers will find much struggle to pass the $320 mark in any near term.
Ethereum Sharp Declining Flow - ETH/USD Struggles to Hold Ground as it Continues to Lose Value Sep 5 Prediction - Ethereum World News
Since the last declining wave from $319.34 to $274.01, it is trading close to 23.6% Fib retracement level. For the moment that are two major bearish resistance lines made close and above the $320 mark on the hourly chart of the pair ETH/USD. That is indicating buyers will find much struggle to pass the $320 mark in any near term.
Ethereum Sharp Declining Flow - ETH/USD Struggles to Hold Ground as it Continues to Lose Value Sep 5 Prediction - Ethereum World News