• 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

ETH/USD, the hourly chart


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews

Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews

Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week. 

More Cryptocurrencies News

Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60

Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60

Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days. 

More Ripple News

Solana could cross $200 if these three conditions are met

Solana could cross $200 if these three conditions are met

Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.

More Solana News

ALT, WLD, ENA, ID set for $200 million token unlocks next week

ALT, WLD, ENA, ID set for $200 million token unlocks next week

The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.

More Cryptocurrencies News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.

Read full analysis

BTC

ETH

XRP