Ethereum is currently recovering from a dramatic 20.68% sell-off just 24-hours after it formed a new all-time high of $2,645.
At the time of writing the world’s second largest cryptocurrency is trading at $2,262 after bouncing by more than 8% from its overnight lows.
The sell-off was reflected across the wider cryptocurrency market, with Bitcoin slumping below $50,000 for the first time since March 7 as speculators begin to question whether the bull market has come to its conclusion.
It’s worth noting that while Bitcoin has formed a series of lower highs followed by a lower low, Ethereum remains in a bullish posture having bounced at $2,134 to keep its structure intact.
This could mean that altcoins like Ethereum may continue to perform well over the coming weeks despite a potential drop in the price of Bitcoin, similar to “alt season” played out in January, 2018.
From a technical perspective, Ethereum needs to hold above the previous higher low at $2,065, as well as the daily 200 exponential moving average which is coming in at around $2,100.
Failure to to do this would bring around price targets as low as $1,930 and even $1,805, although it depends on Bitcoin’s desire to bounce in the mid $40,000 region.
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Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news.
Disclaimer: This is not financial advice.
For more news, guides and cryptocurrency analysis, click here.
Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news.
Disclaimer: This is not financial advice.
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