Ethereum has lost more than 3% over the past 24 hours to reach the 61.8% Fibonacci retracement level at $1,550 after trading at $1,504 during the Asian session.
Major cryptocurrencies fell in value early on October 28 as market capitalization fell from $1 trillion to $979 billion.
Investors’ focus this week is also mainly on US monetary policy. The political opposition is questioning Federal Reserve Chairman Jerome Powell’s stance on the Fed on several issues. Sen. Sherrod Brown sent a letter of concern this week to the Fed chairman, who is used to dealing with political pressure.
DATE | ETC | USD |
---|---|---|
Today | 01 | 1,551.78 |
Ethereum is currently priced at $1,507 and has a 24-hour trading volume of $22 billion. Ethereum has lost more than 3% in the past day. With a live market cap of $184 billion, down from a total of $191 billion, CoinMarketCap is currently ranked #2.
The ETH/USD pair completed the 61.8% Fibonacci retracement at $1,550 and is currently just below it, indicating the potential for a negative correction on the technical front. ETH is developing a large bearish candle on the daily time scale, which could take the price to $1,404 or $1,246.
Leading indicators like MACD and RSI are breaking out of overbought territory. Therefore, a negative correction below $1,550 is still very likely. If the price of ETH rises above $1,550, $1,655 or $1,700 levels may be reached. Support is still at $1,404.