- Ethereum continues sliding to new lows, controlled by the bears.
- ETH/USD needs to get back above $500.00 to mitigate selling pressure.
Ethereum emerged as one of the biggest losers on the cryptocurrency markets as the digital coin crashed below $500 and tested the lowest level since December 11, 2017 at $439.98
It is obvious that people are losing faith in crypto recovery tale and start taking money from the market. ETH is the smart contract currency that is used in ICO projects, targeted by both regulators and media giants. It makes the coin especially sensitive to the news about advertising bans and regulatory crackdowns in Initial Coin Offerings.
Ethereum is still the second largest coin by market capitalization, but the recent crash has wiped out over $10B of ETH value in a single week. The market dominance of the coin is also shrinking from over 20% at the beginning of February to less than 15%.
Ethereum technical picture
ETH/USD has recovered to $448, but it is poor consolation for ETH enthusiasts. The hourly chart doesn't look inspiring as the price stays well below both 50 and 100-SMA The recovery may gain traction if the coin clears $475 (50-SMA, hourly interval) and $500.00 (100-SMA, the hourly interval) resistance levels with major hurdle spotted at $570.00, which coincides with 61.8% Fibonacci retracement level. On the downside, the focus shifts onto $420, which is the lowest level since August 2017. The ultimate support is noticed at $400.00
ETH/USD, the hourly chart
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.