Ethereum (ETH) price ready for recovery after a 30% drop
Ethereum price has seen quite a bit of volatility over the last month, and especially in the last two weeks. The coin saw a massive surge, followed by just as strong correction, that took it down by quite a bit.
Right now, the coin seems ready to begin a recovery, and potentially reclaim its former levels, or go even higher than before.
Ethereum reaches a new yearly high at $490
Over the course of the past month, Ethereum’s (ETH) price spend a lot of time battling a resistance at $400. The coin was below this level until August 13th, continuously trying to breach it. It finally managed to do so in a sharp surge that allowed it to surge as high up as to $444, just shy of the resistance at $450.
This level kept the coin at bay, not even allowing it to approach. But, after hitting $444, ETH seemingly lost its momentum. It did try to maintain its new height, although the price kept dropping lower and lower as days went by.
Eventually, it once again fell below $400, although a support at $380 prevented it from sinking deeper.
Then, around August 27th, ETH saw a new surge that took it to a completely new height. The new rally lasted for nearly a week, and it culminated in ETH hitting the height of $490 on September 2nd.
Ethereum’s sudden crash
As ETH kept climbing, investors rushed to buy Ethereum(ETH) in hopes of profiting from the growing value. But, as the coin approached the next big resistance at $500, the market saw a trend shift, and bulls withdrew.
What followed was a correction that started taking ETH down, and it broke one support after another, eventually seeing the coin hit a bottom at $320 on September 6th.
Over the past three days, the coin returned up to the level of $350. However, this level is now acting as a strong resistance that kept the coin from going further up.
After reaching a new yearly high of $490, the Ethereum surge was cut short, as the coin entered a free fall that took it to a new bottom of $320. Now, a recovery seems to be starting, which many are once again recognizing as a good time to invest.
Source: invezz.com
