• ETH/USD slips under $106, down 8%.
  • A huge ETH transaction is noted.

Ethereum is changing hands at $114.50 at the time of writing. The third largest digital coin has lost nearly 50% of its value in a single month amid global cryptocurrency collapse. Ethereum network specific fundamental issues are making the situation even worth.

Ethereum whales are rumored to dump the coin, increasing the overall bearish pressure. According to the transactions data retrieved from Etherscan, an unknown user transferred 17723 ETH (over $1.8M at current exchange rate) from an Ethereum Wallet to Okex Exchange. The purpose of the transaction is not clear, though, if this whale is going to cash out, ETH might well hit $50 in the nearest future.

Ethereum's technical picture

The price is capped by DMA5 at $113.50; though, we need to see a sustainable movement above $120 handle to sooth the pain and get a chance for an extended recovery towards psychological $130.00 with Pivot Point 1-month Support 3 on approach.

From the longer-term point of view, a strong resistance starts with the lower border of the previous range at $180 and DMA50 (currently at $190). This layer is followed by psychological $200 and DMA100 at $215.50.

On the downside, the critical support is created by the recent low of $100.92, which is followed by an essential $100. This area is likely to attract buyers; however, a sustainable breakthrough will expose $70.00 (the lowest level since April 2017 and $50.

The Relative Strength Index (daily chart) stays flat in the overbought territory.

ETH/USD, the 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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin price is trading above two crucial levels, suggesting a stable foothold. Combining this outlook with a bullish divergence signal, BTC holders should expect a favorable outcome. However, since the third quarter will end in a few hours, there is bound to be abnormal volatility in the market, which could trigger massive moves in either direction, so investors need to be cautious. 

More Bitcoin news

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shytoshi Kusama, the project lead for Shiba Inu, has dropped a teaser about Shiba Eternity for the SHIB community. Proponents expect the launch of the collectible card game to be a bullish catalyst for SHIB.

More Shiba Inu News

Staking is coming to Chainlink this December as LINK price stands firm

Staking is coming to Chainlink this December as LINK price stands firm

LINK is trying to find its feet in the wake of declines that followed its rejection from resistance at $8.40. Bulls have managed to sustain a generally up-trending market and Chainlink is up nearly 17.50% from its September low at $6.56.

More Chainlink News

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic price ranges with no directional bias in sight. This trend could continue unless Bitcoin decides to do something. Regardless, investors should prepare for a minor downtrend before ETC rallies. 

More Ethereum Classic news

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP