Ethereum continues to consolidate in the $2,450 region on Thursday as it heads into an uncertain weekend of price action.
The world’s second-largest cryptocurrency is more than 50% down from its November high as investors begin to move into cash positions across all asset classes.
The $2,300 level remains a key level of support in the short-term, although based on price action over the past week it wouldn’t be a surprise to see Ethereum re-test $2,000 and $1,750 before the end of next month.
In order to regain a bullish market posture, Ethereum needs to climb back above the $2,875 level of resistance before going on to make a series of higher lows.
As it stands, Ethereum is in a dreadful downtrend across all time-frames as traders begin to anticipate a gruelling bear market.
Much of Ethereum’s direction will also depend on the trajectory of Bitcoin, which itself has struggled of late having slumped back to the $36,500 mark.
The Dollar index (DXY) rose to an 18-month high today to mark an increase of 8.8% over the past 12 months.
As the majority of cryptocurrencies are traded against the Dollar, further downside is expected if USD can take out the 97.6 level of resistance.
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.
Those who enter the market at this time may be surprised to hear that Bitcoin…
George Town, Grand Cayman, 22nd November 2024, Chainwire
Las Vegas, US, 1st November 2024, Chainwire
From digital art to real-estate assets, NFTs have become a significant attraction for investors who…
Singapore, Singapore, 21st October 2024, Chainwire
HO CHI MINH, Vietnam, 17th October 2024, Chainwire