ETHUSD started off the week with bearish momentum, having dipped to the 3700 level yesterday. While ETHUSD has been outperforming many of its peers, the broader crypto space still is signaling some downward trends in the near-term.
This was on full display Tuesday as BTCUSD and other major coins have been unable to hold onto recent gains.
ETHUSD possible breakout to the downside?
The New Year has seen ETHUSD held to a largely narrow consolidation, refusing to break out below 3650 or above 3835. This could ultimately signal a breakout should this range be held for much longer.
It should be noted however, that ETHUSD bulls are still not in control, with many other cryptos refusing to garner much momentum themselves.
A drop to 3000 cannot be ruled out in the near-term, with ETHUSD needing to hold any breaks below the 3200 level. Unfortunately for ETHUSD bulls, the cryptocurrency market continues to show selling pressures however, weighing on its ETH outlook.
Short sellers have thus far been relatively small in number, though this could certainly change if a pronounced move below 3200 takes shape.
ETHUSD Technical Levels
Presently, ETHUSD is trading above 3800, despite dipping below 3700 Monday. At the time of writing Tuesday, supports can be found at 3650, 3400 (October lows), and a key psychological level at 3200. To the upside, 3820 should cap any short-term advances, beyond which 3925 and 4000 await.