ETH/USD exchanges hands at $1,079 at the time of writing. Prices closed below the H4 (4-hour) trend (50-ema), opening the door for more downside in the coming hours. The first area to look for support is $1,000. If more insolvency rumours turn out to be true, a retest of $878 could be in the works.
has reached a point of interest too. Currently consolidating between 0.05 - 0.056 Sats. If 0.05 does not hold, the next level to pick up some ETH is 0.043. But major events would have to precipitate another 14% drawdown against the Bitcoin pairing. On the flipside, the 0.06 Sat level is a take-profit area, assuming there won’t be a v-shaped recovery for risk assets.
In my view, the overall market is absolutely decimated
, so I am a buyer not a seller. This is a contrarian view and has yet to be confirmed by price-action.