Ethereum price analysis: ETH/USD recovers marginally on Thursday, but may be subject to the $400 region
- ETH/USD makes modest recovery on Thursday, with small gains on the session of 2.5%.
- Ethereum is heading for its third consecutive week within negative territory.
The Ethereum price held modest gains on 2.5% in the latter stages of trading on Thursday, as the bears take a break from selling, which was seen across the board in the crypto market. Despite the small recovery seen in the session, further downside still may loom.
On the weekly, ETH/USD is trading within its third consecutive week in the red, there has been a drop of 25% within this period. The drop this week picked up some pace, after the price made a break to the downside from a rising wedge pattern.
Given the close ETH/USD is heading for, the bears could have another opportunity to apply added pressure, in pushing Ethereum down to $400 and below. Next major support is back down to $400-340 range, quite some drop. Resistance is seen just above the $700 mark.
ETH/USD weekly 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.
