ETH/USD, Daily Chart Analysis 5/24
Implications and Outlook
1. Ethereum did approach the Coin Dip $540 of the broad range today. Though this coin had climbed higher in end-of last week, it did not find buyers at higher levels, and prices plummeted since May 21 into sizable selling wave with Ethereum falling 24%.
2. Further Ethereum bearish momentum is prone to drop to Mean Support $500 level.
3. The violation of the intermediate-term Mean Support of $500 will undoubtedly bring serious of the severe intermediate-term bearish implications, having additional downside target to Key Support of $370.
4. Current bearish/bullish bias is 70/30
1. Ethereum did approach the Coin Dip $540 of the broad range today. Though this coin had climbed higher in end-of last week, it did not find buyers at higher levels, and prices plummeted since May 21 into sizable selling wave with Ethereum falling 24%.
2. Further Ethereum bearish momentum is prone to drop to Mean Support $500 level.
3. The violation of the intermediate-term Mean Support of $500 will undoubtedly bring serious of the severe intermediate-term bearish implications, having additional downside target to Key Support of $370.
4. Current bearish/bullish bias is 70/30
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