• 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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: Saturday’s closing below $9700 unnerves BTC bulls

Having failed several attempts to hold the upside above the 9700-mark, Bitcoin (BTC/USD) is consolidating in familiar ranges around 9650 amid quiet trading so far this Sunday. Range play to extend as long as it remains trapped between two key HMAs.

More Bitcoin News

XRP/USD: Path of least resistance appears to the downside

XRP/USD is struggling to extend its recovery beyond 0.20 on Saturday, as the bulls remain in a wait-and-see for the fourth straight session. While extending the range play, the bears are seen fighting back control, as suggested by the near-term technical set up.

More Ripple News

BCH/USD: Bulls eye $280 amid falling wedge breakout

Bitcoin Cash (BCH/USD) is consolidating the latest uptick to a daily high of 257.50, having recovered losses following a dip to 253.47. The No. 5 coin has charted a bullish breakout on the hourly chart. The bulls look to extend the upside break to $280.   

More Bitcoin Cash News

Crypto Market Update: Ethereum outperforms its main rivals on the road to recovery

Crypto bulls are trying hard to extend the recovery on Saturday. Ethereum outperforms Bitcoin and Ripple, looking to settle the week with 4.50% gains. The top 2 widely traded coins are poised for additional upside.  

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast