- Ethereum started the week’s trading with lower corrections, it is down 6.4%.
- Indicators show that a weak bullish trend is forming, upside target is at $560.
The cryptocurrency market is currently engulfed in selling pressure. Ethereum price too has fallen victim to the prevailing declines. It has sustained sharp declines on Monday to test the key support zone at $500, besides, it is down 6.4% on the day. At the moment, ETH/USD is battling to shake off the bears and is seeking support above $530 before attacking short-term resistance level at $560.
The cryptocurrency is trading within a forming falling wedge pattern, but there is a bullish trend in progress on the chart. However, the moving averages signal that the sellers have the influence. The Stochastic on the 3-hour chart has moved out of the oversold regions. Which means that the buyers are fighting for an entry that could see ETH/USD break above $550 before the close of today’s session.
At the moment, Ethereum price is trading at $535 and weakly supported at $525. The lower side of the falling wedge pattern will also support the price in the event of further downside movements. Moreover, a major support area rests at $500.
ETH/USD 3-hour chart
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