Ethereum price has recorded a bearish breakout as the crypto market pulls back from Monday’s rallying. The cryptocurrency, as well as other altcoins, are following the trend set by the leading crypto -Bitcoin.
At the time of writing, BTC was down by 2.57% at $51,345. Earlier in the day, it hit its highest level in close to four months at $52,949.62. Other than Ethereum price, Ethereum Classic has also exhibited a similar trend. After reaching an intraday high of $77.44 in the previous session, the latter altcoin is now at $68.37. The trajectory is also observable in Dogecoin and Ripple.
ETHUSD is trading lower, after breaking out of the horizontal channel formed late last week. On Friday, it hit a three-and-a-half month high when it surpassed the psychological level of 4,000. Since then, it has been trading within a rather tight range of between 3,832.40 and 3,988.97.
At the time of writing, Ethereum price was down by 3.74% at 3,777.08 On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages. In the near term, I expect the crypto to find support at the intraday low of 3,695.39.
It will likely bounce back to trade within the aforementioned horizontal channel. If that happens, it will experience resistance along the 25-day EMA at 3,871.54. However, a move below the current support level of 3,695.39 will invalidate this thesis.