Ethereum closed Wednesday's session at $1624.82, down $62.17 or 3.7% from Monday's open at $1686.99. The week's range spans from a high of $1710.91 on Monday to a low of $1610.67 on Tuesday.
Tuesday's sharp selloff took ETHUSD from $1686.69 to $1636.30, a $50.39 drop that breached the psychological $1650 support. The move coincided with broader tech sector weakness as noted in Monday's market wrap, with crypto following traditional risk assets lower.
The back half of the week shows no scheduled economic events in the data bundle. Without macro catalysts, ETHUSD will likely track broader crypto market sentiment and any shifts in risk appetite through Friday's close.
Current positioning shows 61.1% of traders long and 38.9% short as of Wednesday morning. The bullish skew persists despite this week's 3.7% decline, suggesting traders view the $1610-1625 zone as a buying opportunity rather than the start of a deeper correction.
ETHUSD is testing the week's low zone between $1610.67 and $1612.70. If this support holds through Wednesday's full session, the $1650 round number becomes the first resistance. A break below $1610 opens the door to test lower levels. Bitcoin's direction will likely dictate which scenario plays out. Trade ETHUSD with LHFX's tight crypto spreads and deep liquidity.
Byline: LHFX Research
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