• ETH sitting at key levels, needs a sharp bounce desparately.
  • Break of these levels would be messy and chaotic.

Ethereum, the second largest cryptrocurrency by market capitalisation, after breaking down on the medium term chart, is now sitting exactly at certain key levels, which must hold, or else the breakout that occured last month, may not sustain and the coin may drop back to November lows.

ETH/USD is up about 4 cents of a percent at $127.75 and trading in less than 3 percent on Saturday. On the daily chart, ETH was trading in a downward sloping triangle for all through last year and finally broke out of it, after hitting double digit lows in November. But this breakout did not give enough momentum for the bulls to carry on to, resulting into a short term breakdown on the 240-minute chart, target of which is all the way towards November low and below.

Only solace for the bulls is that the price is sitting exactly above its 50 days simple moving average, break of which would be as messy and chaotic as the last crash was.

ETH/USD 240-minute chart:

ETH/USD daily chart:

 


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BCH/USD sellers catalyze the breakdown under $220

The crypto market is bleeding across the board. Major cryptos like Bitcoin and Ethereum fall overnight while Bitcoin Cash engaged the reverse gear during Wednesday’s European session. From an opening price of $226.97, BCH ascended to an intraday high of $227.76. 

More Bitcoin Cash News

IOTA price analysis: IOT/USD loses ground, moves within the recent channel

IOTA, the 17th largest digital asset with the current market value of $745 million, has been moving in a tight range recently. The coin has lost 1.8% of its value on a day-to-day basis amid global sell-off on the cryptocurrency market.

More IOTA News

Ethereum price prediction: ETH/USD collapses below $170.00 – Confluence Detector

ETH/USD surrounded $170.00 support amid massive sell-off on the global cryptocurrency market. ETH, the second digital coin has lost over 4% of its value in recent 24 hours to trade at $167.00 by press time.

More Ethereum News

Facebook’s Libra could be regulated by the SEC: The US Congress draft bill reveals

Facebook is yet to find a regulatory breakthrough for its proposed digital project, Libra. However, if the United States Congress goes ahead with the proposal to draft a bill describing stablecoins, Libra could quickly fall under the wings of the Securities and Exchange Commission.

More Libra News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP