Cryptos Under Pressure: Ethereum Facing Key Test of Support

Cryptocurrencies are under pressure this evening after enjoying a strong performance during the first week of May. Bitcoin reached as high as $9990 on Saturday before running out of steam and pulling back roughly 7%; the $9200-$9300 area should offer support for Bitcoin.

Meanwhile, Ethereum has fallen ~10% since peaking at $838 early this morning – after forming a head & shoulders top pattern over the last few days, Ethereum now faces a critical test of support near $755:

 

ETH/USD (30-minute)

A decisive breakdown below $755 would trigger a $675 measured move target from the head & shoulders top pattern. However, support at $700 is likely to be robust as dip buyers take advantage of a ~16% pullback to load up.

 

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