Ethereum Value Right now – ETHUSD: Ethereum Dip Affords Shopping for Alternative | Fintech zoom
ETHUSD just posted a 10% decline from yesterday’s high.
Such retracements in crypto are not all that rare.
I was expecting this drop to hit the $ 1,950 region as well, according to my comments on Twitter yesterday.
In fact, the lower bound of my support range for Ethereum was $ 1,933.
Today’s low is $ 1,930.
But the big question is, has Ethereum hit the bottom?
While there are no guarantees, the region is incredibly strong at $ 1,950.
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ETHUSD weekly timeframe
Note that the range between $ 1,930 and $ 1,950 is supported on a weekly basis.
Wednesday’s price move isn’t particularly convincing, however.
After an initial 4% rebound, ETHUSD stalled and even revisited the USD 1,940 area.
And while the market remains above $ 1,930 for the time being, I haven’t seen the buying pressure you’d expect after falling 10% from all-time highs.
In addition, both BTC and ETH are holding out below the critical resistance levels.
For BTCUSD, it’s the $ 56,800 level.
The market has to go back above this range within 4 hours to reach higher levels.
And for ETHUSD, the pair will have to rise above USD 2,010 on the 4-hour chart to regain a foothold.
Until then, the crypto markets will look fragile.
If support for $ 1,930 worth of ETHUSD fails, I’ll keep an eye on the $ 1,850 worth of support area.
I will also be keeping an eye on $ 54,000 for BTCUSD.
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