TA: Ethereum Starts Corrective Decrease, Why Recovery Could Be Limited

[Jentot]

TA: Ethereum Starts Corrective Decrease, Why Recovery Could Be Limited

Ethereum formed a short-term top near $620 and started a sharp decline against the US Dollar. ETH price is correcting gains and it could revisit the $500 support zone.

Ethereum started a downside correction after it failed to stay above the $580 support.The price traded below the $550 support and the 100 hourly simple moving average.There was a break below a major declining channel with support near $565 on the hourly chart of ETH/USD (data feed via Kraken).The pair tested the $507 level and it seems like there are chances of more downsides.

Ethereum Price Corrects Lower

After forming a short-term top near the $620 level, Ethereum started a sharp downside correction. ETH settled below the $600 level and it failed to stay above the $580 support level.

A clear break below the $580 support level sparked a strong decline (similar to bitcoin). Ether price declined heavily below the $550 support and it even settled well below the 100 hourly simple moving average. There was also a break below a major declining channel with support near $565 on the hourly chart of ETH/USD.

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[Alcor]

The price of ethereum began to fall after the sharp drop in the price of bitcoin.  The previous price dominance of bitcoin is affecting and so far altcoins cannot get away from this.  If not for this circumstance, ethereum would continue to grow in price.  A week before the launch of the zero phase of Ethereum 2.0, it is unlikely that the holders of this coin would sell it en masse.  Now the price of ethereum is $ 522, having lost about a hundred dollars on the correction.  I hope that the price losses will not be large and after the successful implementation of Ethereum 2.0, this coin will receive a good impetus for further price growth.