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Ethereum turned decisively bearish with much room to go to the downside

2018-08-19_ETHUSD

Last week Ethereum priced in USD broke below the weekly trend line that acted as a support since November 2017 and now acting as a resistance capping the price around the $340 price level that has been retested this week. The MACD is pointing lower with no early sign of any bullish divergence and the RSI is below the 50 level with much room to go to the downside until it becomes oversold. The odds are strongly in favor of a continuation of the bear trend that is expected to reach into the $200 price level.

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