Major cryptocurrencies, like Bitcoin, have been trading lower during the weekend, continuing downward move launched in the first week of June. However, pace of the sell-off accelerated on Monday, with Bitcoin and Ethereum dropping over 2% today, and Dogecoin trading over 6% lower at press time. Sentiment towards cryptocurrencies have been weakening for some time on signs of waning institutional investment demand, with Bitcoin ETFs experiencing daily outflows for around a week now.
Taking a look at ETHEREUM chart at H4 interval, we can see that price took a hit today and dropped to an important short-term support. The $3,350 support area is marked previous price reactions and also serves as the lower limit of the short-term trading range. A break below would not only push the price to the lowest level in a month, but also would hint at a possibility of a drop to as low as $3,050, where the textbook target of the downside breakout from the trading range can be found. On the other hand, should bulls gain control over the market and price starts to rebound for the $3,350 zone, the main resistance level to watch will be $3,650 area - the upper limit of the range. However, the midpoint of the range in the $3,500 area may also offer some resistance, as it previously did.
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Source: xStation5
