Latest Ethereum price and analysis (ETH to USD)

Ethereum remains bearish on all time frames following a series of crippling lower highs and lower lows.

At the time of writing it was trading at $2,928 having rejected the $3,150 level of resistance on Sunday evening.

A few more daily closes below the $3,000 level would create a death cross on the eight-hour chart, which will indicate that short term momentum is weighted heavily to the downside.

While it is entirely possible that Ethereum can claw itself out of the mire, notably with a daily close above $3,150, downside price targets of $2,650 and $2,400 appear to be much more likely given price action over the past month.

ETHUSD chart by TradingView

Much of it will depend on if Bitcoin can remain above the $40,000 level, although given the current posturing of global stock markets, the odds of a bullish resolution remain relatively slim.

The S&P500 is flirting with the idea of a gruelling correction for the first time since the panic-inspired crash in early 2020 during the start of the coronavirus pandemic.

Although many cryptocurrency supporters believe that digital assets are a hedge to traditional financial markets, Bitcoin and Ethereum have actually shown an increased amount of correlation to US markets over the past two years.

This means that if the S&P500 is to face a correction of up to 20%, Ethereum will likely slump back below the $2,000 level upon confirmation of a 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

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