After the Sharp Drop, Ethereum Is Due for a Retracement

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In Brief
  • The Ethereum price has broken down from an ascending support line that had been in place for 58 days.

  • There is minor support at $187 and major support at $170.

  • The price has possibly created an inverse head and shoulders pattern, which is combined with bullish divergence in the RSI.

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On May 10, the Ethereum price broke down from an ascending support line that had been in place for 58 days. However, it has been showing short-term signs of a reversal. The breakdown transpired after a rapid drop that began on May 10 and caused the price to decrease by 14% in a single day. Well-known trader @TheEuroSniper posted an Ethereum chart that shows a trading range and an
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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