"ETHEREUM HAS DROPPED TO A CRITICAL LEVEL" WHAT WILL HAPPEN TO CRYPTOCURRENCY

Posted 27 August, 2020

Ethereum has been declining over the past two weeks. On August 15, the cryptocurrency reached a local maximum above $ 440, after which it began to fall in price. Since then, its price has dropped 12%, to its current level of $ 385. On the night of August 26, the value of Vitalik Buterin's altcoin dropped below $ 370.

 

A Cointelegraph analyst explained that the latest decline in the cryptocurrency price was due to the inability of buyers to lift it above the $ 415.6 resistance level. Now the asset price cannot gain a foothold above the $ 393 mark, which indicates a lack of demand at higher levels.

 

A drop in the value of ETH below $ 366 could spur sales and lead to a decline to the 50-day moving average of $ 336, the analyst said. He concluded that if buyers manage to push the price above the 20-day moving average of $ 393, the asset would trade in the $ 366-415 range for several days.

 

FXStreet analyst Tatyana Abrosimova also warned about the imminent possible deterioration of the situation . If Ethereum fails to hold above $ 400, she said, pressure from coin sellers will negatively impact the technical picture. If the value of the cryptocurrency is near the critical level of $ 370, its next movement will be directed towards $ 350, the expert says.

 

A trader under the nickname il Capo of Crypto looks more positively on the prospects for altcoin, writes NewsBTC . According to him, Ethereum should return to an upward trend, as a result of which the cryptocurrency rate will update the annual maximum at $ 500. The expert gave such a forecast based on the fractal analysis of the altcoin rate chart.

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