Ether declined against the dollar this weekend, and is now approaching a critical support level as the market corrected lower following last week’s failed rally.
ETH/USD was last seen trading around $293, down more than 1% from the previous close. Technical headwinds are limiting ether’s momentum, according to the MACD and Relative Strength Index (RSI).
Ether’s rally last week stopped short at $350 on two occasions, as the bulls disavowed their long positions. The subsequent breakdown through the weekend erased 16% from Ethereum’s value.
At present levels, the Ethereum blockchain is capitalized at nearly $28 billion, according to CoinMarketCap.
The world’s second-largest digital currency by market cap faces immediate support near $290. On the opposite side of the spectrum, resistance is likely found in the $305-$310 region.