Ethereum Plummets Below $400 After Reclaiming 2-Year High

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Ethereum (ETH), at the time of penning down this analysis, was trading above $395, and a bullish intraday can lead to reclaim a trading position above $400. In the recent bullish crossover, at the onset of the month, ETH price crossed $400 and hit a 2-year high at $415.

After having traded sideways in the past two years, Ethereum is proving its worth as king of the altcoins, which once was crashed as low as $125 towards the end of the previous year. The bullish candlewick and constant uptrend since the past month led to the most-awaited crossover above $400.

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It was just when Bitcoin—the massive cryptocurrency by market capitalization breached beyond $12k briefly but is still maintaining its solid stance above $11.5k. Alongside, as the major altcoin hits fresh highs in two years now, majority altcoins of the crypto market are no longer embroiled in a narrow trading range.

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ETH/USD Chart By TradingView

Ethereum is often compared with Silver just when Bitcoin is compared with Gold. Ethereum is a thoughtful and long-term altcoin investment. ETH coin, therefore, is least prone to volatility and risk for a portfolio. Ethereum’s major upgrade ETH 2.0 is postponed, however, as and when the same is launched, investments in ETH will fetch massive returns that a top 3 investment avenue should lure otherwise.

Ethereum Price Analysis

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Emphasizing on the 5-week movement of Ethereum against the Greenback, we see that the price trend of the coin was legit flat for the first three weeks in the previous month on a 3-hourly chart. The price trend of ETH/USD drew an uptrend over the past two weeks and is continuing with the same even now until any breakout. The price trend of Ethereum is around the upper 20-day Band as the intraday happens to be a gainer, and we also see a possibility of a breakout soon as the Bands appear squeezing.

Due to strengthening momentum, Ethereum is retaining strong support from 50-day and 200-day daily MA at $380 and $296, respectively. However, the MACD chart shows a bearish divergence on a 3-hourly chart due to intraday corrections below $400. The RSI is lying at 56.88 and holds no trading extremities currently. The major support and resistance to watch out for Ethereum lie at $380 and $400.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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