Ether (ETH) Briefly Falls to 52 Week Low, Quickly Recovers

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Early last week the bottom fell out on Ethereum (ETH) even as Bitcoin (BTC) remained relatively stable. Ethereum (ETH) has been dropping all of its major supports for a series of weeks, and it ended up at a 52 week low of 170 USD. Speculators have been trying to pinpoint a reason to no avail while traders decided to go for a ride.

Almost as quickly as Ethereum (ETH) fell, the price recovered back to 200 USD. While a tidy profit was to be made there that doesn't quite mean the ride is over yet. At the moment 200 USD is deciding whether it wants to become support or resistance. Clearly, if it becomes resistance it could mean even lower prices for the coin.

For now, the price remains slightly above 200 USD at 205 USD after breaking up to 222 USD momentarily. There does appear to be ahead and shoulders forming over the last 24 hours. Looking at the week's developments we may be able to come up with some idea as to where it is headed next.

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While Ethereum (ETH) is relatively week it isn't unreasonable to believe that it could fall to around 180 USD. If that level fails then a breakdown is expected to 150 USD. If it doesn't break 180 it will probably consolidate around this level before breaking out to higher prices. The main goal for bulls here is to establish 200 as support over the next week and there are some factors in their favor.

Bitcoin in orange Ethereum in blue


 

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Ethereum (ETH) is at the bottom of its market cap dominance cycle, leading many to believe it will start gaining percentage. At the same time, Bitcoin (BTC) appears to be consolidating to move higher as it continues to build it's, now 9 months long, falling wedge. If this scenario were to play out it would be extremely bullish for Ethereum (ETH) and the price would skyrocket. For now, we will have to watch and wait. This weekend should provide some direction and clues to where the trend is headed next. Best case scenario, 170 USD was maximum pain and will provide a launchpad for the next bull run. Worst case, Ethereum (ETH) gets cheaper.

Comments (2)

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  • John R
  • ,  Contributor
  • 17 September 2018, 10:09 am

I got in ETH at a really good price I think

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    all the buyers who wants to buy below $200 will have to buy over $230 when they realize that it ain’t happening again.

       0   Reply (0)   Follow(437)  

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