- Ethereum recovered slight above the primary support at $250, but the price is still capped below $290.
- “So it’s really the ‘trader types’ that are moving them (token prices) around,” Joseph Lubin.
Ethereum is one of the worst hit cryptos in the market by the price swings in August 2018. The digital asset has been butchering support areas to the extent of trading lows slightly above $250. A slight bullish trend has, however, swept across the market during the Asian trading hours on Wednesday 15. ETH/USD has broken above the trendline resistance as observed on the chart.
The price is currently flirting with the 61.8% Fib retracement level of the last drop from $322.74 to a low of $248.93 at $285.80. This is after the bullish momentum failed to break the resistance at $290, hence falling into a bear trap above $280 and below $290. However, the trend is still bull while the tables show a 2% rise in price on the day.
To realize a sustained recoil heading to $300, the bulls must push to overcome the resistance at $290. Moreover, a support above $280 will be instrumental in ensuring that bears’ control over the price is limited. The stochastic is currently ranging at the 80% mark, to show that the bulls are slowly losing the grip. It is also apparent that the bear pressure has not left and further declines could occur in the near-term. The former resistance at $270 will offer support, but the primary support lies at $250.
In other news related to Ethereum co-founder, Joseph Lubin appeared on Bloomberg TV to discuss the prevailing price swings in the crypto market. The discussion also touched on the opportunities he sees in the market. Lubin said that the market since 2009 and has seen several bubbles, six to be specific and they are all spectacular in their own measures bringing attention to the market as well as growth in terms of infrastructure. While commenting on the price swings, Joseph Lubin said:
“’Trader types’ feel like their fortunes are rising and falling with the price of Bitcoin and the price of Ether and really all these tokens are incredibly correlated. So it’s really the ‘trader types’ that are moving them around.”
ETH/USD 15-minutes chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Litecoin Price Forecast: 40,000 LTC traders exit as crypto crash triggers $500M in liquidations
Litecoin price slid 10% to hit a 7-day low of $102 on Wednesday. On-chain metrics show a large number of LTC holders exiting their positions as hawkish US jobs data sparked downward volatility.
Bitcoin edges below $96,000, wiping over leveraged traders
Bitcoin's price continues to edge lower, trading below the $96,000 level on Wednesday after declining more than 5% the previous day. The recent price decline has triggered a wave of liquidations across the crypto market, resulting in $694.11 million in total liquidations in the last 24 hours.
DOGE and SHIB traders book profits at the top
Dogecoin and Shiba Inu prices broke below their key support levels on Wednesday after declining more than 9% the previous day. On-chain data provider Santiments Network Realized Profit/Loss indicator shows massive spikes in these dog-theme memecoins, indicating traders realize profits.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Over $560 million in liquidation
Bitcoin (BTC) hovers around $97,000 on Wednesday after declining more than 5% the previous day. Ethereum (ETH) and Ripple (XRP) follow in BTC’s footsteps and decline 8.3% and 6.15% respectively.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.