Ethereum price analysis: Continues the me too downhill bandwagon; China plans to publish ratings of 28 blockchain projects including BTC, ETH

ETH not spared in the crack of cryptos.
China to publish ratings of 28 blockchain projects, including BTC, ETH among others.

Manoj B Rawal Independent Analyst

Ethereum prices continue to crack lower towards the pit in a sign that it follows others in the trend, whichever way it is even as the pace of fall (and rise when it does), is usually larger than other major digital currencies.

ETH/USD is now down more than 4 percent at $650 after slighly recovering from the lows of the day, which is at $638.27. China, which is known for its aprehensions of cryptocurrencies, has announced on the ministry of industry and information technology website (CIID) that it will publish ratings for 28 blockchain projects which inclues Bitcoin, Ethereum, Bitcoin Cash and many others, although it did not specify how it plans to do that.

From the technical charting point of view, $610 is the next key level, 23.6 percent fibonacci retracement which the crypto successfully crossed and sustained but now faces a task to not close below it in this correction that has started.

ETH/USD 180-minute chart:

ETH/USD daily chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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