ETH/USD: Ethereum Oncourse For A Twelve Percent Weekly Decline

Selling pressure on the worlds second largest cryptocurrency shows few signs of abating as we head into the weekend, with the ETH/USD pair still trading below the former yearly-low, around the $350.00 level.

Ethereum looks set to close the trading week down over twelve per cent while also trading down a noteworthy thirty per cent since the peaks of July, as strong technical selling and bearish sentiment towards cryptocurrencies continue to cause havoc to the popular digital currencies market cap.

After hitting $338.00 on Wednesday, the ETH/USD pair has managed only a tepid rebound towards the $362.00 level before once again being sold towards the lows of April this year.

If we see sellers breaking the $338.00 level over the coming sessions, I would expect that price could easily reach the $300.00 support level fairly rapidly given that selling momentum is still strong and the head and shoulders pattern has a downside target that extends down towards $300.00.

However, if price can stabilize above the $351.00 level, corrective moves back towards the $362.00 level and the former key swing-high, at $372.00 are still possible for the ETH/USD pair in the short-term. Bulls ideally need to move price above the $395 level to change the extreme bearish sentiment surrounding the pair.

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EthereumTrades down heavily into the weekly close

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