ETH/USD
The ETH/USD pair dropped down to $1,747 on Sunday, March 21 in a short-lived pullback during the Asia session then went back up to its preferred zone around $1,790. The coin, however, was spending too much time in the weekly resistance range between $1,890 and $1,780 without being able to surpass it, which was putting it at a risk of trend reversal given the fact the relative strength index exhaustion. It ended the seven-day period with a 3.5 percent loss
On Monday, the price of ether finally broke below the horizontal support and the triangle pattern and corrected its price down to $1,683 – a level last visited on March 7. Additionally, it lost all major short-term EMAs on the daily timeframe at once.
The upcoming options expiry on Friday, March 26 was the most probable reason for the sudden market selloff with a total of $1.15 billion of put and call options expected to expire by the end of the workweek. This, according to the majority of the veteran traders might cause a general lack of consistency in the price behavior.
On Tuesday and Wednesday, the coin continued to register new lows in its 4th and 5th consecutive days in red. It hit $1,516 on March 24 and as of the time of writing is trading at $1,583, struggling to close a 4-hour candle above $1,600.
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