Ethereum price analysis: ETH/USD recovers from the trendline as investors prefer Ethereum to Bitcoin
|- Ethereum recovered from a ultimate support level.
- Foley & Lardner showed, that Ethereum is more popular within the investment community.
Ethereum is trading at $434 after having touched $416 on Thursday. Sloping long-term trendline broken on July 4, creates as a solid support area for the second largest coin with current market value $44.1B. Ether's average daily trading volume is registered at $1.4B. ETH/USD is up 1% on a daily basis, creeping higher amid global correction on the cryptocurrency market.
Meanwhile, US-based legal firm Foley & Lardner surveyed investors interested in digital assets and found out that 38% of the respondents prefer Ethereum as an investment option, Bitcoin was chosen by 35%.
Ethereum's technical picture
Looking technically, ETH/USD is supported by 50-SMA at $435 (1-hour chart). Once it is cleared, the sell-off may be extended towards $420 and $412 (the mentioned above trendline). On the upside, the resistance is created by 100-SMA at $446, followed by $460, which is a critical Fibo retracement level, strengthened by 200-SMA.
ETH/USD, 1-hour chart
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