Technical Analysis of Ethereum’s Price: False Downside Break of ETH/USD

ethereum price increase

The value of Ethereum has suffered a lot, as it has experienced so many highs and lows. Ethereum did great in the middle of last month, but it later had a dramatic crash. The value has dropped greatly, and it is presently struggling around the $640 mark it fell to earlier today.
Major Highlights of the Value of Ethereum
• The value of Ethereum reduced drastically and went down below its previous value of $680.
• There was a decrease in the key bullish trendline with support at $677 on the 60-minute chart of ETH against the US dollar.
• The value of Ethereum declined drastically and then recovered to about $650.
The price of Ethereum struggled to gain momentum against BTC and the US dollar. The value of Ethereum tumbled below the $650 mark, but it seems like a false downside break.
The Resistance of the Price of Ethereum
There was an unceasing trading interest above $680 in the price of Ethereum against the US dollar.

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As a result of this, there were a lot of negative reactions and the value of the cryptocurrency broke a major support close to $680. This affected the price, and the value of Ethereum fell below the $665 mark.
The value of the digital currency also failed to maintain the 61.8 percent retracement level of Fib of the last wave from a swing low of $600 to a high of $700. During the decline of the value, a bullish trendline broke.

The value of the cryptocurrency declined with support at $665. Ever since then, the value of Ethereum has been unstable and unpredictable. But the digital currency seems to be recovering very slowly.
Generally, the value of Ethereum may continue to increase gradually, but it will be very difficult for buyers to push the price above $656, $665, and $675.

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