Ethereum price analysis: ETH/USD bounces up 4.5% on Tuesday, however market may be subject to another extended fall lower

Ethereum price has recovered 4.5% on Tuesday, looking to recover some of the damage done.
ETH/USD is below the consolidation levels seen right before the 2017 year-end bull run.

Ken Chigbo Independent Analyst

The Ethereum price is seen up 4.5% on Tuesday, as the crypto market across the board sees a small recovery, after the heavy bout of selling pressure. As tends to be the case, after large movement in one direction, there will usually be some form of consolidation, before a resumption of the trend.

Ethereum dropped to levels as low as $360 on 1st April, receiving some buying interest around a touted bidding area, however as mentioned above, this may be very well the market’s way of taking a breath after the bear control.

ETH/USD is trading just below the consolidation levels prior to the 2017 year-end bull run. Resistance can firmly be seen between $400-$430. Support is monitored around the $360 region, where the price managed to catch some relief over the last weekend.

ETH/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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