ETHUSD APPROACHING OVERSOLD TERRITORY
Ethereum has moved sharply lower on Monday, with the second most popular crypto losing a further fifteen percent of its value since Friday. ETHUSD is now approaching oversold trading conditions after reaching the bearish head and shoulders pattern downside projection, close to the $300.00 level. Furthermore, the MACD and RSI indicators across the four-hour time frame suggest that the ETHUSD pair is now extremely oversold.
The ETHUSD pair is strongly bearish while trading below the $311.00 level, key technical support is now located at the $302.00 and $295.00 levels.
If the ETHUSD pair trades back above the $311.00 level, price may correct back towards the $330.00 and $338.00 resistance levels.