Ethereum (ETH) cryptocurrency rate broke the support barrier at $ 350 and continues to fall. If the current trend continues in the market, then the coin will drop in price to $ 300 by October 15.
This week, the bulls have tried unsuccessfully to gain a foothold in the range above $ 350 several times. Ethereum price reached a resistance zone of $ 355 (Bitstamp data) on Tuesday, but it could not overcome the barrier and fell by 6% in a day. The asset price dropped to $ 333 and is now fluctuating at 23.6% Fib recorded during the dump from $ 355 to $ 333.
On October 6, the contracting triangle was broken downwards, so the bearish trend should strengthen. The closest strong support barrier is located at $ 320. If it is overcome, then the price of the coin will drop to $ 300. The uptrend will meet strong resistance at the $ 350 level. At the same time, the key breakout zone is around $ 355.
Apparently, ETH market is now at the stage of correctional wave B, after which a powerful dump will begin. Most likely, the price of the cryptocurrency will drop to $ 200-220. This is the key support zone that fixed in July 2020. If this barrier survives, ETH/USD will begin to rise, and the first wave of a new bullish trend will appear. In favor of maintaining the downward trend, the fact that the value of ETH fluctuates below the exponential moving average for 21 days speaks.
The bullish trend line, which started in March this year, runs around $ 320. This mark plays the role of a key support barrier. If the bears manage to break through this barrier. Then it will be possible to speak with confidence about a dump up to $ 220. Otherwise, the Ethereum rate will bounce off this barrier and the upward trend will strengthen.