- Ethereum recovered slight above the primary support at $250, but the price is still capped below $290.
- “So it’s really the ‘trader types’ that are moving them (token prices) around,” Joseph Lubin.
Ethereum is one of the worst hit cryptos in the market by the price swings in August 2018. The digital asset has been butchering support areas to the extent of trading lows slightly above $250. A slight bullish trend has, however, swept across the market during the Asian trading hours on Wednesday 15. ETH/USD has broken above the trendline resistance as observed on the chart.
The price is currently flirting with the 61.8% Fib retracement level of the last drop from $322.74 to a low of $248.93 at $285.80. This is after the bullish momentum failed to break the resistance at $290, hence falling into a bear trap above $280 and below $290. However, the trend is still bull while the tables show a 2% rise in price on the day.
To realize a sustained recoil heading to $300, the bulls must push to overcome the resistance at $290. Moreover, a support above $280 will be instrumental in ensuring that bears’ control over the price is limited. The stochastic is currently ranging at the 80% mark, to show that the bulls are slowly losing the grip. It is also apparent that the bear pressure has not left and further declines could occur in the near-term. The former resistance at $270 will offer support, but the primary support lies at $250.
In other news related to Ethereum co-founder, Joseph Lubin appeared on Bloomberg TV to discuss the prevailing price swings in the crypto market. The discussion also touched on the opportunities he sees in the market. Lubin said that the market since 2009 and has seen several bubbles, six to be specific and they are all spectacular in their own measures bringing attention to the market as well as growth in terms of infrastructure. While commenting on the price swings, Joseph Lubin said:
“’Trader types’ feel like their fortunes are rising and falling with the price of Bitcoin and the price of Ether and really all these tokens are incredibly correlated. So it’s really the ‘trader types’ that are moving them around.”
ETH/USD 15-minutes chart
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