FX.co ★ Ethereum: upside invalidated, 1,155 as critical support

ETH/USD crashed and now is trading at 1,189 above today's low of 1,137 daily low. The altcoin dropped by 32.16% from Friday's high of 1,676 to 1,137 today's low. Also, it has dropped by 27.99% from yesterday's high of 1,579.

Bitcoin's crash forced the altcoins to drop as well. BTC/USD's deeper drop should force ETH/USD to approach and reach new lows.

ETH/USD Struggling To Rebound!

Technically, ETH/USD found resistance at the ascending pitchfork's 50% Fibonacci line. Its failure to make a new higher high signaled exhausted buyers. The rate failed to jump above the black downtrend line and now it has turned to the downside.

The 1,155 former low represents a downside obstacle. After its massive sell-off, we cannot exclude a temporary rebound, the altcoin could try to test and retest the 1,253 before resuming its sell-off.

ETH/USD Outlook!

A valid breakdown below 1,155 opens the door for more declines at least toward 996. The 880 represents a downside target as well.