Latest Ethereum price and analysis (ETH to USD)

Ethereum has resumed its downtrend with a woeful daily close below a key level of support.

The world’s second-largest cryptocurrency is currently trading at $3,800 following a slight bounce from the $3,680 level.

However, it is now crucially trading below the diagonal trendline that provided support dating back to July.

Ethereum is now expected to re-test this trendline at $3,910. Failure to break above $3,900 would confirm it as a new point of resistance, which would see downside price targets at $3,350 and $2,880 begin to emerge.

ETHUSD chart by TradingView

The only way the market can trigger a reversal is if Bitcoin can form a higher low above $53,000 following its dramatic fall from $69,000 over the past month.

Many investors are now cautious of the prospect of a mutli-year bear market, similar to that of 2018 and 2019. This does not include billionaire MicroStrategy CEO Michael Saylor, who audaciously purchased $80 million worth of Bitcoin at $57,500 last week.

Cryptocurrency assets typically fall as much as 90% during a bear market, which means that Ethereum could slide back below the $1,000 mark for the first time since late 2020.

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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!”.