Weekly price analysis – Ethereum

Ethereum is losing ground when it comes to the Bitcoin – US Dollar pair and ETH – USD might be confronting the traders that are interested in selling, so Ethereum could go even deeper to $600.

Essential moments for Ethereum
  • There has been a lot of pressure for this coin and the movements have taken place around $759.
  • Another word that could characterize Ethereum is ‘stagnation’, because there were no significant movements surrounding it.
  • The ETH – USD pair is holding the ascending tren and might drop under the support lines of $660 and $650.

The cryptocurrency has had a drastic fall from over $800 to less than $700. The oscillation of the price has led to transactions done at inferior value of the support lines of $800 and $700. During the aggressive depreciation, a minimum recorded value of $642.39 has been reached. There has been noticed an enforcement at that point and the price has started to grow again. The Fibonacci retracement level of 23.6% has been surpassed and the buyers didn’t manage to push the price above the $750 resistance. A major barrier has occured at the $750 quotation and the virtual coin is struggling to overcome that milestone.

As long as the price is inferior to the trend line of $720, the downwards trend will continue its path. Moreover, a drop under the $650 value, will lead to a decrease to $600 for Ethereum.