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Ethereum price analysis: Rallies in its 'MeToo' moment, but won't last enough

ETH falls but remains in a short term upmove.
Manages to hold on to 2nd largest crypto.

Manoj B Rawal Independent Analyst

Ethereum, the second largest cryptocurrency by market capitalisation, which almost lost its long held crown to Ripple on Friday, managed to snatch its lost glory as the price of Ripple claws back some gains while ETH manages to hold on some.

ETH/USD is down more than 2 percent at $241.18 in a highly volatile trading day. On the short term chart of 360-minutes, ETH although seems to be rallying, it has barriers ahead in the form of descending trendline around $270-275.

Even on the daily chart, the price has caps around $260 in the form of a long term descending trendline that has been putting pressure on the prices all through this year.

ETH/USD 360-minute chart:

ETH/USD daily chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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