Topic: Ethereum Price Analysis (Read 66 times)

Ethereum has acted very oddly in the last couple of days. Usually alt coin prices are positively correlated with the movement of Bitcoin. When Bitcoin gets higher, the other coins also increase. When Bitcoin falls, the price of other currencies is also negatively affected.

With Ethereum, the case has been the opposite in the last couple of days. While Bitcoin and some of the other cryptocoins have rallied, Ethereum has gone the opposite direction. The coin was trading around $465 during the weekend. It has now dropped to $452.
The coin is still above the low of $443 where it dropped last week after the rumors regarding BlackRock were cleared by the CEO. However, ETH is still showing no signs of recovery and investors appear skeptical about the currency.

The second largest crypto coin with a market value registered at over $4B has an average daily trading volume around $1.3B. The price is mostly unchanged on a daily basis but the growing volatility may trigger a rally in the short run amid positive sentiments in the overall crypto market.
In more technical terms, ETH/USD is supported by Fibo retracement level. Short term upside trend line is currently pointing at a value of $460. Once this level is cleared, the sell-off may take effect driving prices towards $440. There is strong support present at $421 so we do not believe the prices will drop lower.

On the upside, there is resistance at $473. The psychological $500, followed by $516 are likely to cap potential recovery for the short term.
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