Latest Ethereum price and analysis (ETH to USD)

Ethereum has suffered a pivotal blip in its pursuit of a new monthly high above $3,390, with it slumping back to re-test the $3,100 level of support

Ethereum is currently trading back below $3,100 following a gruelling sell-off across the entire cryptocurrency market overnight.

The industry’s second-largest asset has enjoyed a fruitful month of price action, rallying from $1,700 in July to a monthly high in August of $3,390.

However, the tide appears to have turned in the short-term, with Ethereum failing to close a daily candle above $3,320 following a string of stubborn attempts.

Key levels of support remain at $3,000 and $2,880, although it must be noted that if Ethereum can muster some strength from its current region, it could well have enough fuel to break the monthly high given the number of short positions that can be squeezed.

ETH

ETHUSD chart by TradingView

Much of it will depend on the trajectory of Bitcoin, which is trading at $47,000 after another miserable stab at the psychological level of resistance at $50,000.

If Bitcoin can break $50,000 on convincing volume it would indicate a clear change in behaviour, which would reinforce the theory that a “double bubble” scenario may come into play like in 2013.

This pattern was established in 2013 when the Bitcoin bull market formed two major tops before entering an inevitable 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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