Latest Ethereum price and analysis (ETH to USD)

Ethereum suffered a brief lapse in its recent ascent above $3,000, with a 7.92% sell-off from the historical level of resistance at $3,350.

If the world’s second-largest cryptocurrency can begin to establish support in the $2,900 region, it will likely provide a platform for continuation to the upside over the coming month.

At the time of writing it was trading at $3,060, which is just above the eight-hour 50 exponential moving average.

While Ethereum remains relatively strong on its own merit, its trajectory will depend on the direction of Bitcoin.

Bitcoin has stalled at the $48,000 mark this week with a plunge back to the $44,000 level of support following a period of tremendous upside pressure.

Ethereum

ETHUSD chart by TradingView

If Bitcoin can take out the $48,000 level on significant volume, Ethereum is expected to move up to at least $3,580 in the short term.

However, it’s worth noting that cryptocurrencies often fall victim to corrections of more than 30% regardless of market structure. This is caused by a build up in leveraged positions, in this case long positions.

Open interest on derivative exchanges for Bitcoin has risen from $10.6 billion to $13.8 billion in four weeks, indicating that a large portion of long positions have opened up above the $40,000 level.

It would not be unexpected for a long squeeze to play out, which would, in turn, cause Bitcoin and Ethereum both to slump back towards last month’s lows.

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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

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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