Ethereum price analysis: Away from the pits but lost in the downward spiral
|- ETH one of the few cryptos to not break year low yet.
- At a critical long term support.
Ethereum, the second largest digital currency is one of those rare cryptocurrencies that has yet not broken the lows of the year in this round of crypto sell-off whilst all the other majors have gone way below those lows and still continue to face pressure on the upside.
ETH/USD is down nearly 8 percent on day at $438.38 near the low point of the day. ETH's low of the year, hit in February is at $358 which is still nearly 20 percent away from current prices.
All eyes of the bulls as well as the bears would now be on the critical long term support, placed just under the current price, which is at $431. A break below would bring bears into frontal attack and bounce would give some hope to the bulls to defend their losing battle.
ETH/USD daily chart:
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