Latest Ethereum price and analysis (ETH to USD)

Ethereum remains bearish on all time frames following a series of crippling lower highs and lower lows.

At the time of writing it was trading at $2,928 having rejected the $3,150 level of resistance on Sunday evening.

A few more daily closes below the $3,000 level would create a death cross on the eight-hour chart, which will indicate that short term momentum is weighted heavily to the downside.

While it is entirely possible that Ethereum can claw itself out of the mire, notably with a daily close above $3,150, downside price targets of $2,650 and $2,400 appear to be much more likely given price action over the past month.

ETH

ETHUSD chart by TradingView

Much of it will depend on if Bitcoin can remain above the $40,000 level, although given the current posturing of global stock markets, the odds of a bullish resolution remain relatively slim.

The S&P500 is flirting with the idea of a gruelling correction for the first time since the panic-inspired crash in early 2020 during the start of the coronavirus pandemic.

Although many cryptocurrency supporters believe that digital assets are a hedge to traditional financial markets, Bitcoin and Ethereum have actually shown an increased amount of correlation to US markets over the past two years.

This means that if the S&P500 is to face a correction of up to 20%, Ethereum will likely slump back below the $2,000 level upon confirmation of a bear market.

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About Ethereum

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.

More Ethereum news and information

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:

Ethereum adopts ERC-1155 as an official standard

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: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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