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.

SEE ALSO:   Keep An Eye On Ripple (XRP) Next Week From SEC About Whether XRP Is A Security Or Not

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.

SEE ALSO:   Ethereum vs EOS Prediction: Can Ethereum Survive The Competition? As EOS Plans To Join the Battle for Dapps This Year - Crypto News Today
loading...

Legal Disclaimer: The content of this website (smartereum.com) is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on smartereum.com as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Neither smartereum.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from smartereum.com.

SEE ALSO:   Vitalik Buterin, the founder of Ethereum, Uncovers New Idea For Plasma Scaling On The Ethereum Blockchain -Thu Jun 21

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get Smart About Crypto!


Promise we won’t spam you!

We Are Hiring

Click here if you would like to join one of the fastest growing blockchain news companies in the world!