Ethereum (ETH), along with another major altcoin XRP (XRP), is currently taking a major beating as its ETH/BTC trading pair dives to lows not seen in *over* two years. Not to be outdone, Ether is threatening to give back some important support levels on the USD chart as well.

On the ETH/BTC weekly, we can see just how far back into the past we’re reaching – and where we might find support. Specifically, price has not been this low since March of *2017*. The good news, however, is that we may expect support to start coming in shortly; only about 7% down, a major support line should come into play.

Down to the levels(source:

However, we don’t see anything good out of the weekly indicators. RSI is trending clearly down; histogram is ticking down hard; and MACD has closed last week with a bearish cross (which may not stick). The daily looks equally bad.

Indicators are bad on the weekly(source:

Moving to the daily ETH/USD pairing, we see a double blow to the leading altcoin at time of writing. But there is an interesting knot of confluence that might buoy support for the leading altcoin.

ETH/USD, however, is interesting ...(source:

Three things are converging at $175 as support. The first is the importance of this support itself, which was pretty hard to crack during May/June. The second is the important and highly viewed 55 exponential moving average (EMA), which is currently holding Ether’s fall. The third is the presence of a falling channel from the daily candle bodies, which ETH seems to be respecting at present.

A recovery in Bitcoin’s price, after today’s nasty dip, would help Ether recover its own USD price. Given how bad ETH/BTC is looking, though, this may not be enough to save it. The next area to watch is $240, if this one gives way.

The views and opinions expressed here do not reflect those of and do not constitute financial advice. Always do your own research.