Ethereum News Today: FET breaks below $0.66 support triggering bearish Fibonacci projection toward $0.39

FET faces renewed selling pressure after breaking below a key Fibonacci support level at $0.66, triggering a potential bearish projection based on a long-established symmetrical triangle pattern. The daily close below the 0.5 Fibonacci retracement level has intensified concerns that the token could continue its descent toward $0.39, a previously identified horizontal support [2]. This breakdown invalidates the ascending trendline, reinforcing the bearish outlook for the token in the near term.

The Fibonacci levels drawn from $1.23 to $0.17 now serve as critical price reference points, with the 0.618 level ($0.56683), 0.786 level ($0.45291), and the 1.272 extension level ($0.24604) all under observation. A measured move based on the width of the triangle suggests a possible target near $0.34647, aligning with the 1.0 Fibonacci retracement level. These levels could act as magnets for price action, especially if the current downward momentum continues [2].

On the 5-minute chart, FET is currently trading around $0.633 with a volume of 40.52K. While a modest recovery followed a sharp decline to $0.602, the asset has yet to reclaim the critical $0.66–$0.68 range. The resistance near $0.660 remains intact, and the higher volume during the sell-off phase indicates strong liquidation pressure earlier in the session [2]. A retest of this resistance zone could provide clarity on whether the downward move is a short-term correction or a more enduring trend.

Technical indicators further support the bearish bias. The RSI stands at 57.99, indicating moderate bullish momentum that is not overextended. However, the MACD is approaching convergence, and its histogram has crossed below zero, signaling a weakening in buying strength. This combination suggests a period of consolidation or a potential shift in market sentiment [2]. Community sentiment remains bullish at 87%, but this could indicate market euphoria, highlighting the risks of over-optimism [2].

Short-term traders are advised to watch the $0.632–$0.641 entry range, with a target at $0.625, as outlined by RaaFi in a recent tweet. A failure to break above $0.641 could lead to a retest of the $0.625–$0.615 support band, reinforcing the bearish bias. A break below $0.625 would likely trigger further selling pressure, with key Fibonacci levels at $0.56683 and $0.45291 coming into focus [2].

The broader crypto market environment is also influencing FET’s trajectory. On July 30, 2025, Ethereum traded near $3,550, forming a “death cross” technical pattern that typically signals a bearish shift. A failure to hold at $3,438 could push the price further down to $3,300, deepening the bearish sentiment in the market [1]. Additionally, liquidations reached $500 million as Bitcoin and Ethereum lost July gains, indicating a widespread loss of confidence among traders [3]. These macro-level developments are likely to spill over into altcoins like FET, which are more sensitive to market-wide sentiment shifts.

The path forward for FET remains uncertain but leans toward continued bearish pressure. A retest of the broken support level at $0.66 could offer an entry point for bulls, but traders should exercise caution. False breakdowns—commonly referred to as bear traps—have become more frequent in the current volatile environment, making risk management a critical component of any strategy.

For now, FET remains under the microscope, with Fibonacci levels and key support/resistance zones expected to play a central role in shaping its near-term price action. Until the token demonstrates a strong and sustained recovery above $0.66, the bearish outlook is likely to persist.

Source: [1] Throat-cutting moment! ETH dances on the edge of $3550, ... (https://www.binance.com/en/square/post/27844655348962)

[2] Artificial Superintelligence Alliance (ASI), specifically Fetch.ai (FET), has broken below key technical levels, raising concerns among traders about continued downside pressure. (https://coinmarketcap.com/community/articles/68905b8cbcd39c77ce70bac0/)

[3] Crypto Market Hit by $500M Liquidations as Bitcoin and ... (https://coinpedia.org/price-analysis/crypto-market-hit-by-500m-liquidations-as-bitcoin-and-ethereum-lose-july-gains/)