Ethereum price analysis: After dipping to Sept 2017 lows, even one-fourth price bounce won't be pretty


  • Ethereum prices fell tgo eleven months low this week.
  • 25 pct bounce from here can't be ruled out, may not sustain.

Ethereum, the second largest cryptocurrency by market capitalisation which had ambitions to surpass Bitcoin to become largest cryptocurrency, sank to eleven month lows earlier this week and although a bounce after that may result in prices rallying by more than 25 percent, the bounce may not sustain.

ETH/USD is down a tad less than 4 percent on day at $305.677 and near the low point of the day. On the long term 720-minute chart, after hitting as low as $252 earlier this week - a September 2017 low, ETH has managed to bounce a bit and chances are it may even bounce all the way to $380.

Sustaining this bounce would be difficult for the bulls, as that is where it meets resistance in the form of a descending trendline.

ETH/USD 720-minute chart:


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

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why XTZ traders need to be glued to the screen for next 48 hours

Why XTZ traders need to be glued to the screen for next 48 hours

Tezos (XTZ) price action has seen its winnings evaporate in late hours trading on Wednesday after the Fed minutes came out.

More Tezos News

Polygon’s MATIC forfeits on key-level and must go in search of ammunition

Polygon’s MATIC forfeits on key-level and must go in search of ammunition

Polygon (MATIC) is trading like one of the more popular first-person shooter games this week, such as Medal of Honor or Quake – and personally my own favorite.

More Polygon News

COIN bleeds as Coinbase slammed with insider trading allegations on 25% of new listings

COIN bleeds as Coinbase slammed with insider trading allegations on 25% of new listings

Australian researchers have gathered evidence of systematic insider trading on Coinbase.

More Cryptocurrencies News

Shiba Inu price to provide another opportunity before a 50% upswing

Shiba Inu price to provide another opportunity before a 50% upswing

Shiba Inu price is on the verge of triggering another run-up, but it needs to allow investors who partook in the previous rally to book profits.

More Shiba Inu News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP