Latest Ethereum price and analysis (ETH to USD)

Ethereum remains in a drawn-out downtrend on higher time frames despite an impressive 3.31% move to the upside on Wednesday

Ethereum has experienced a momentary lift in sentiment today following a 3.31% move to the upside.

The world’s second largest cryptocurrency remains in a gruelling downtrend on all higher time frames, although a daily close above $3,050 would be the first step to confirming a bullish reversal.

At the time of writing it is trading at $2,700 as the crypto market extends a recent bounce on the back of peace talks between Russia and Ukraine.

The Federal Reserve is expected to announce a rate hike later today, the severity of which looks set to determine the direction of the market for the duration of the week.

ETHUSD chart by TradingView

A rejection and subsequent lower high in the $2,850 region could be catastrophic for Ethereum, with downside targets remaining at $2,350 and $1,700.

Much of it will depend on the direction of Bitcoin, which is back trading above $40,000 following a week of consolidation around $39,000.

If Bitcoin can begin to take out levels of resistance at around $45,000, Ethereum will likely follow and shake off the recent bearish price action.

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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.

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