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The price of Ethereum followed Bitcoin sharply lower this week and is down another 3 percent on Friday, trading near 180.00 USD.

The chart still looks negative as Ethereum is forming what appears to be a bearish triangle, with the upper line currently at 220.00 USD and the support of this pattern at 168.00 USD. If the price breaks below this level, the potential of this triangle could be around 80 USD, so it could effectively mean nearly 40 percent loss over the next few weeks. The same triangle has previously occurred on Bitcoin and it was also broken down.

However, the RSI indicator is signaling at oversold levels as it remains around 20, which could lead to a relief rally, at least toward the 200.00 USD level.

On the downside, if the 168.00 USD support cracks, further decline toward the 150.00 USD zone could occur quickly. Sentiment is very negative for cryptocurrencies, which could lead to further losses over the next days.

Disclaimer:

Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.

The USDCAD pair has been rising slowly over the last few days but stopped at September highs near 1.3250 and since then, bears have taken control and the Loonie has been strengthening, although not sharply. On Friday, the USDCAD pair was trading 0.20 percent lower, seen at around 1.3150 during the London session.

The pair also fell below previous highs at 1.3160 and more importantly, it is now dropping below the medium-term bullish trend line, which could lead to a trend reversal over the next few days. If the pair closes below this trend line, bears could be further stronger, with the next target at 1.3120 and the following target could be near 1.3050.

On the upside, bulls need to defend the mentioned support of 1.3160 and after that another bearish zone could be located at 1.3250 and, possibly at previous highs near 1.3250.

The RSI indicator is slowly reaching the oversold territory, meaning a small bounce could occur. As long as oil remains below 60 USD, the Canadian Dollar may not significantly strengthen.

Disclaimer:

Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.