- Ethereum is moving in lockstep with Bitcoin.
- The short-term upside correction is capped by 61.8% Fibo.
ETH/USD is changing hands at $515, 4% lower on daily basis. The second largest coin with current market value $51.8B and average trading volumes $1.5B, topped at $548, on June 19.
The sell-off started during early hours on Friday without clear reason apart from speculative positioning. Ethereum has been moving in lockstep with Bitcoin and other major coins. It has lost over 20% on monthly basis, and 30% since the beginning of the year. Ethereum is not a worst-performer of the cryptocurrency universe, while recent SEC’s decision not to qualify it as a security removed a major threat for the investors.
From the short-term point of view, ETH/USD is moving within a channel, limited by $539 (61.8% Fibo) and $460 (78.6% Fibo). A clear movement in either way will create a strong momentum with ulitmate bearish target at $359 and ultimate resistance at $600.
ETH/USD, the daily chart