Ethereum Price Analysis: ETH/USD stretches lower toward $420, still up more than 8% weekly
|- Ethereum is falling for the second straight day on Sunday.
- ETH/USD remains on track to close fourth straight week in the positive territory.
After reaching its highest level in more than two years near $445 on Friday, Ethereum (ETH/USD) has gone into a consolidation phase over the weekend. The pair lost 1.4% on Saturday and was last seen losing 2.3% on the day at $422.70. Despite this latest correction, Ethereum remains on track to close the fourth straight week in the positive territory and is up more than 8% since Monday.
Ethereum technical outlook
The initial support for ETH/USD aligns at $412 (daily low/Fibonacci 38.2% retracement of this week's upsurge) ahead of $400 (psychological level) and $385 (20-day SMA). Resistances, on the other hand, could be seen at $445 (two-year high), $480 (July 2018 static resistance) and $500 (psychological level).
Meanwhile, the RSI indicator on the daily chart still floats in the overbought territory, suggesting that the pair could have a difficult time gathering bullish momentum before stretching lower.
Ethereum chart (daily)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.