Ethereum is also undergoing a selling pressure like other currencies in crypto space. It is trading at $942 down over 10% from yesterday's close at $1047 level.
Lack Of Buying Interest
Buyers are seemingly in wait and watch mode, that is why sellers manage to pull down the price with such under average volume or participation.
Long Term Rising Channel Violation
Prices have broken the Long term Rising channel and if Ethereum also closes below this channel, a test of 50 days EMA which is currently lying at $886.4 level is next stop for ethereum price.
Buying Area
Area around 50 days EMA has solid base of Supporting Zone which can attract buyers to grab Ethereum at those levels.
Summary
Overall ethereum is undergoing a correction which started after touching high of $1419 level. Today's break of long term rising channel is questioning the whole up trend which ETH witnesses from $400 level. But, Ethereum is also approaching a safe zone of around $800 odd level(if it kept declining) which can be utilized as buying opportunity.
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