Ethereum is currently trading at $1,770 following a 8.9% move to the downside since Sunday’s high of $1,939.
The world’s second largest cryptocurrency by market cap has managed to find a natural level of support on the daily 21 exponential moving average.
A daily close below that level, which is sitting at $1,733, would indicate a period of continuation to the downside, with price targets emerging at $1,639 and $1,450.
However, a bounce from this region would form a crucial higher low from the sell-off in late February, which could trigger a notable bounce back into the $1,800 to $1,850 range.
Much of Ethereum’s price action is dictated by Bitcoin, which in itself has struggled this week after forming a new all-time high above $61,000 over the weekend.
Typically, when Bitcoin makes a major move in either direction, altcoins like Ethereum suffer as traders naturally liquidate more speculative assets into stablecoins.
If Bitcoin can begin to consolidate in the $55,000 to $57,000 range, Ethereum will likely experience a relief rally to $1,850.
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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:
https://coinrivet.com/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: This is not financial advice.
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