Latest Ethereum price and analysis (ETH to USD)

Ethereum remains on the brink of a major correction following another gruelling rejection from the daily 200 exponential moving average

Ethereum remains in a desperate posture on all time frames, with it appearing that a major correction is on the cards over the coming weeks and months.

The industry’s second largest asset is currently trading at $1,832 having rejected off the daily 200 exponential moving average following yesterday’s daily close.

In order to demonstrate even the slightest hint of strength, Ethereum needs to begin closing daily candles back above the $2,000 mark.

Another key point of resistance is $2,150, as this is in confluence with the weekly 21 exponential moving average. Unless Ethereum can trade back above that point by Sunday, this will be the first weekly closure below the 21 EMA since the coronavirus slump to $80 in March of 2020.

ETHUSD chart by TradingView

With the prospect of a bear market looking increasingly likely, it’s important to remember that Ethereum began the year trading below $1,000 before embarking on a sensational rally that saw it print a record high at $4,400.

It isn’t just Ethereum that is suffering at the moment, the entire altcoin market has extended a move to the downside following Bitcoin’s drop from $65,000 to $32,700 last month.

This is reiterated by a lack of retail investment in more speculative bets like Ethereum, with investors opting for safer assets with more liquidity like Bitcoin and stablecoins.

Levels of support for Ethereum remain at $1,528 and $1,425, with the latter level being the previous record high that marked the cycle top in January, 2018.

For more news, guides and cryptocurrency analysis, click here.

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 ETH 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.

telegram

Previous Article

Jack Dorsey and Cathie Wood to host Bitcoin-focused initiative, Musk rumoured to appear

Next Article

El Salvador to hand out up to $117m in Bitcoin to citizens

Read More Related articles

Latest Guides

Find in-depth articles, guides and videos designed to give you a better understanding of Bitcoin, DeFi, trading, security and much more.

Get started