Still no recovery for Ethereum

The slide below technical supports at around $1,820 and then at 1,800 on Ethereum (ETHUSD) was covered here late on Sunday evening and since then the second largest cryptocurrency has shown little inclination to try and get back close to those breakdown levels. The high yesterday was shy of $1,760 and so far today it has remained camped below that level too. Meantime, both the 21 day and 50 day moving averages are falling closer to crossing below the 100 day moving average. It was the weekend breakdown there which set the coin sliding towards $1,720. The range seen so far today has been covered 1728-1758. The market is still digesting the news surrounding Coinbase and Binance and the outflow of dollar holdings that has delivered. So, right now and in the absence of any fresh positive news, the risks of more downside remain very live. ETHUSD is currently trading at $1,750