Hello, welcome to this ETHEREUM /USD update by CRYPTO SANDERS.
CHART ANALYSIS:-Ethereum (ETH) also erased Wednesday’s gains, with the world’s second-largest cryptocurrency failing to break a ceiling of its own.
Following a high of $1,672.05 on hump day, ETH/USD dropped to a bottom of $1,635.85 earlier in Thursday’s session.
The move occurred as ethereum buyers were not able to push the price above resistance at $1,675 during yesterday’s rally.
As a result, bears reentered the market, further intensifying the downward momentum of the 10-day (red) moving average.
Currently, the trend line is fast approaching its 25-day (blue) counterpart, with a downward cross inevitable.
In addition to this, the RSI, which is tracking at 51.82, appears to be en route to a floor at 49.00, which could push ETH below $1,600.
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