Latest Ethereum price and analysis (ETH to USD)

Ethereum is currently trading at $1,629 following a rollercoaster week of price action that has seen it fluctuate within a $400 range.

The week began with a dramatic 30% move to the downside after failing to establish a level of support above its all-time high of $2,000.

In the immediate future $1,695 remains a key level of resistance to the upside, as this was a prior point of rejection earlier this month.

The slump in price coincided with a crash in the price of Bitcoin, which fell from $58,500 to as low as $45,000 before finding some bullish support.

ETHUSD chart by TradingView

The trajectory over the coming weeks and months is delicately poised, with the industry currently being subject to a period of increased institutional adoption.

Ethereum futures was listed on CME earlier this month, with trade volume over the past 24 hours exceeding $100 million.

There has also been a rising trend of interest in DeFi lending products, most of which are based on Ethereum’s blockchain.

However, it’s worth noting that cryptocurrencies are extremely volatile by nature, and if Ethereum’s $1,350 level of support breaks, it will likely go on to test $1,000 before the end of the month.

About Ethereum

Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.

Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.

More Ethereum news and information

If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:

https://coinrivet.com/ethereum-adopts-erc-1155-as-an-official-standard/

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news.

Disclaimer: This is not financial advice.

Source: coinrivet.com