Ethereum had an excellent run for a couple of weeks. Even the coin surpassed 600,000 transactions a day on its network. This week, it crossed $500, marking a new high, but only to fall instantly. With this, the current market cap of the coin is nearing $50 billion.
- Against USD, Ethereum crossed the $500 mark for the first time, setting a new record, but the price fell almost instantly from that peak
- ETH/BTC depreciated 14 percent week-on-week and is currently trading around 0.0407 BTC
After the bullish end of the previous week, Ethereum started this week with a sideways movement. But soon with a buying rage, the value of the coin shoots up to reach an all-time high at $516. This is the first time Ethereum crossed the $500 mark. But due to the high peak resistance, the coin dived instantly to reach $401.
Though the high market activity tried to recover the coin, it further fell to $385. Fortunately, that point acted as a pivot and initiated an upward trend. ETH/USD reached $465, only to face resistance above $463. But a support level at $451 also formed.
In the daily chart, the pair breached the newly formed resistance at $463 and reached $467. But it faced another level of resistance there. Though the coin tested the mark for a while, it finally dived to $432 but was quick enough to recover. Currently, the coin is trading around $464.
Because of the recent recovery, the indicators are also recovering from the bearish run. Stoch took a U-turn and is rising upward. After the bullish run, two MACD curves are also at a point of intersection. RSI is at 47 percent indicating an optimum demand and supply.
Due to the rising Bitcoin, ETH/BTC pair did not perform so well this week. The pair dropped from 0.0473 BTC to 0.0407 BTC over the week, and the fall was almost gradual, with only a couple of spikes. This is a weekly depreciation of 14 percent.Trade on ETH
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
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