Ethereum Price Analysis: ETH Is Up By Over 9%

Last week marked an important drop in price for Bitcoin and Etehreum as well. The whole crypto market lost a big chunk of its value and now things are looking a bit better.

The digital assets are trading in the green and ETH is no exception today.

At the moment of writing this article, ETH is trading in the green and the coin is priced at $367.61. 

ETH ran into a wall of selling pressure below $500

Ethereum suffered heavy losses last week, after the coin ran into a wall of selling pressure just below $500, as reveals.

The price analysis for the coin reveals that the digital asset is vulnerable to more losses as the bearish MACD price divergence is still present at the $270 and $240 support areas.

The online publication mentioned above drops a price analysis for the second coin on CMC.

ETH/USD medium-term price trend

The ETH/USD pair fell in price alongside more other top coins last week, after hitting a six-month trading high.

ETH technical analysis is showing that the digital asset is pretty vulnerable to more losses while it’s trading below the important resistance level fo $395.

“The daily time frame shows that rising trendline resistance, which is formed by attaching the yearly low to the start of the July 2020 rally, is located around $290,” the online publication mentioned above notes.

They also point out the fact that the $290 level is also important, as the 50% Fibonacci retracement of last week’s high to the 2020 trading low is located.

“It is possible that the ETH/USD pair may test towards $290 while the price trades below $395,” the same publication also noted.

We recommend that you head over to the original article in order to learn more details about their analysis.

There are various optimistic predictions about the prices of the coins these days, following the price drops.

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CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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