Latest Ethereum price and analysis (ETH to USD)

Ethereum is showing serious signs of strength this week with it currently trading back above the $2,800 mark.

The world’s second-largest cryptocurrency by market cap has now risen by 29.03% over the past eight days as optimistic traders attempt to swoop on a local low.

It is beginning to overtake Bitcoin in terms of the strength of recovery, with BTC continuing to struggle around the $38,600 level.

It’s worth noting that $2,900 is a major level of resistance for Ethereum. It is the same point that caused four consecutive rejections in May before eventually tumbling down to $1,750.

ETHUSD chart by TradingView

If it can begin to close daily candles above $2,900 it could pave the way towards a surge to the $3,200 region.

However, much of this hinges on the direction of Bitcoin and the wider market.

If Bitcoin breaks above $40,000 with conviction on notable volume, the momentum will transfer to the remainder of the field – including Ethereum.

If it faces a gruelling rejection from $39,000 and heads back to the $35,500 range, Ethereum will suffer with an expected move back down to at least $2,600 if not $2,330.

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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

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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.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.