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- Successive days of market declines have sent the total cryptocurrency market capitalization back below $200 billion, data from CoinMarketCap showed on Tuesday.
- ETH/EUR sinks to 11-month lows at 220 mark, makes a new 2018 low.
- The pair has broken strong trendline support at 255 and has hit lows of 220.02 before paring some losses to currently trade at 233 levels.
- Technical indicators heavily bearish, we see no respite from bears.
- However, momentum indicators are at oversold levels and minor pullbacks cannot be ruled out.
- 5-DMA is immediate resistance at 266 levels. Break above could see test of 21-EMA at 324 levels.
- On the downside price action has broken below 113% Fib at 229 and next major support lies at 170 (127.2% Fib extension).
- Decisive break above 55-EMA could see signs of reversal.
Support levels - 230 (113% Fib extension), 220 (session low), 170 (127.2% Fib), 168 (Sept 2016 low)
Resistance levels - 255 (trendline), 266 (5-DMA), 324 (21-EMA), 374 (55-EMA)
Recommendation: Good to go short on upticks around 235/240, SL: 270, TP: 220/ 200/ 170.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -103.848 (Bearish) at 0330 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
