- Ethereum is over 11% lower on Monday after another poor day for cryptos.
- The pair tested 1.00 last week and it looks set to have another go.
ETH/USD daily chart
Ethereum has been once of the worst-hit cryptocurrencies during the recent sell-off. Now the pair is looking weaker again at the start of the trading week as ETH/USD trades over 11% lower during another bout of weakness. The low the price hit 4 days ago was approximately 90.00 according to data from Coinbase. Now, this level could be a support zone if the pair dips again.
Looking at the chart below, the recent move back up looking like a dead cat bounce. If this is the case it means the weakness is due to resume again and 1.00 could break once more. On the topside, 120.00 could act as a near term resistance if the price moves back up and could be a selling zone. There is also an internal trendline to watch and if the price meets the resistance point at the same time as the trendline it would make the rejection level even stronger.
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The pair tested 1.00 last week and it looks set to have another go.