ETH/USD Drops, Bearish Below $390

Ethereum Price Analysis: ETH/USD Drops, Bearish Below $390

Ethereum 1.87% price dropped heavily against the US Dollar 0.37% and Bitcoin 2.85%.

  • The pair is currently correcting higher, but it is likely to face sellers near the $380 and $390 levels.
  • The price is still between the 20 days Moving Average and the lower band of the Bollinger Bands confirming that the market is still bearish.
  • RSI is 23 and it’s showing that the downtrend may slow down for the short term as well as the Support of 362$ is very close.

On top of that, the MACD line just crossed the Signal one so we might see a bounce back towards 381$ (Resistance 1) or 389$ (Resistance 2) in extension.

If it fails to recover and breaks the $370 support area, it could accelerate losses towards the $350 level.