Ethereum was one of the last cryptocoins that reacted positively to Bitcoin’s rally. It turned out to be the first one to fall as long as BTC price took a dive.
The ETH/USD pair started an upward movement from late Tuesday and touched the $480 level a few times where we saw a big resistance. When Bitcoin prices fell during the last 12 hours, Ethereum shed most of its gains and went down to $465 within hours.
If we look at the charts closely, the drop in Ethereum has come at a slower rate than the drop in the price of Bitcoin. The ETH/BTC pair has climbed slightly in value. This isn’t surprising. Since Ethereum hadn’t gained much in value during the last two weeks, there was little it could lose.
The analysis above shows that Ethereum is still in a tight range with a gently upward slope. There appears to be support for the coin at $455 level and strong support at $425 which forms the 3-month low.
Although the drop within the last 12 hours broke below the support line we still believe the outlook remains positive. Investors in the market are very cautious and waiting for something big before they will commit but the mood is generally positive for Ethereum.
Current position at 0.058BTC is a buy.
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