Ethereum Price Analysis: The Challenge Continues for Ether (ETH) Against the USD 

UK-based Crypto Trading Platform is Launches Ethereum Futures Contracts

Ether suffered a price decline selling as low as $440 against the USD. This opened a declining channel near the resistance at $480 on the hourly chart. Currently, the pair is correcting higher heading towards $490 and $500 resistance levels. The decline wasn’t just against the USD. Ether also declined against Bitcoin and it is facing more challenges now.

Ethereum Price Analysis

Ether took a downside move below $500 yesterday and the price even went lower forming support levels at $480 $460, and, $450. The price formed a low at the $446 level before buyers temporarily came to the rescue. The price is slowly correcting higher and has gone above $460. It broke the 23.6% fib level of the last slope from $545 to $446.

SEE ALSO:   Price Analysis for the Top 4 Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH)

Unfortunately, the price is still facing upside challenges around $490, and, $500. The charts indicate that there is a declining channel with resistance around $480. The next hurdle above the channel resistance is around $496 representing the 50% fib level from the $545 to $496 decline. The buyers need to break above $496 to regain control of the market and push the price past the $500 level.

The charts indicate that even if the price corrects above $480 short-term, it may face resistance around the $490-$495 zone. The support levels on the downside are $465, and, $460.

Technical Analysis for Ether

The relative strength index for rather is moving higher and is near the 40 level while the hourly MACD is recovering slowly into the bullish territory. Traders should look out for the support level at $460 and the resistance level at $495.

SEE ALSO:   Endorsement By SEC Reassures That Ethereum Is A Quality Network

The next few days of trading will determine if the price action will change for the better or if the price will continue to suffer dips. It’s important to note that Ether isn’t the only major coin suffering significant losses. Other major players in the industry are also suffering losses. There are many possible reasons for the price crash with the most recent being the Coinrail hack.

 

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:   Twitter Cryptocurrency Attack: No Account Is Safe As A Bitcoin War On Twitter Is At Hand-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!