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Ethereum’s drop on Thursday came at a critical level for the cryptocurrency. One trader shared the chart below right before the move lower, showing that ETH was once again rubbing up against a level of technical importance.
ETH’s inability to pass the level may suggest that the medium-term trend is now bearish. This is due to the level’s importance to Ethereum’s price action over the past year: October 2019’s rally peaked at $365, where ETH just topped. Furthermore, during August’s price action, two bearish reversals ended at that level.
Chart of ETH's price action over the past few months with an analysis by crypto trader CryptoHamster (@CryptoHamsterIO on Twitter). Chart from TradingView.com
The trader who shared the chart above is far from the first to have pointed to the importance of Ethereum’s price action as it dabbles in the $365-375 region.
As reported by
