Ken Chigbo
Independent Analyst
- Ethereum nursing losses of 2.5% on Monday, with potential of another drop given rising wedge pattern.
- Near-term support seen at $630, $500 and mid $300 range, resistance seen at $800, $915.
The Ethereum price is seen down over 2.5% on Monday, losing ground as selling pressure remains firm below $700 level. Further easing in the prices for major altcoins remains very much evident, as has been the case since the start of May.
ETH/USD lost some ground on 16th March, to break out to the downside from the long-running ascending trend line, Ethereum then made a retest underneath this line on 5th May, before being rejected. The market has since remained in a bearish trend, losing over 20% following this retest.
Technically, ETH/USD is moving within a rising wedge pattern as seen on the daily time frame, this could be subject to a sharp drop lower if breached. Support is currently tracking at the lower trend line of the mentioned pattern, seen at $670-680. Should the pressure pile on, next levels of support are eyed at; $625, $500 and then the mid $300 range. Resistance to the upside seen at $800 and then $915.
ETH/USD daily 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
Editors’ Picks
Ripple's XRP breaks out of downtrend as RLUSD receives greenlight from New York regulators
Ripple's CEO Brad Garlinghouse announced on Tuesday that the company received a green light from the New York Department of Financial Services on the launch of its stablecoin RLUSD.
Could Google's supercomputer crack Bitcoin? Crypto community maintains positive outlook
Bitcoin faced mixed sentiments on Tuesday after crypto community members spoke on the potential of Google's new quantum chip Willow's ability to crack blockchain networks and render the security of public key cryptography useless.
Crypto Today: Microsoft Rejects Bitcoin Reserve Plan, as Cardano, XRP Lead Market Rebound
Amid an escalating geopolitical crisis, the global crypto market crash on Monday saw over $1.5 billion worth of liquidations, triggering double-digit losses across top-ranked digital assets.
Litecoin Price Prediction: LTC to hold $100 support as traders deploy $10M of leverage
Litecoin price broke below the $110 level on Tuesday, down 20% in a frenetic 24 hours as rising geopolitical risks triggered volatility across global crypto markets.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.