Ethereum (ETH) price stabilized a bit on Sunday, rising to $1,600 from the Saturday low of $1,512. It remains 34% from its highest point in May, and 67% below its all-time high. It has also formed an inverted cup-and-handle pattern, pointing to more downside. Ethereum price technical analysis points to more downside The daily chart shows that the ETH price has sunk in the past few months. As a result, it has remained below the 50-day Exponential Moving Average (EMA). It has also dropped below the important support level at $1,763, its lowest point in February this year. A closer look shows that it has formed a rounded top pattern, a common bearish continuation signs in technical analysis.
Source: Read the original article
