Latest Ethereum price and analysis (ETH to USD)

Ethereum is currently trading at $2,476 following an impressive 9.31% bounce from its weekend lows of $2,265.

The world’s second largest cryptocurrency has mimicked the somewhat bullish path of Bitcoin, which is now taking on the psychological level of resistance at $40,000.

However, in contrast to Bitcoin, Ethereum remains in a series of lower highs, signalling that the altcoin market is showing signs of weakness against its respective BTC trading pairs.

In order for Ethereum to re-establish a bullish posture, it needs to take out the gruelling $2,900 level of resisitance, although this is only likely to happen if Bitcoin makes a clear move above $40,000.

ETHUSD chart by TradingView

Ethereum remains 43.89% lower than its all-time high $4,400 which occured on May 12. It is still significantly up over the course of the year after it opened 2021 at just below $1,000.

Levels of support for Ethereum are at $2,472, $2,345 and $2,265, while key short term points of resistance are at $2,544 and $2,623.

From a macro perspective, Ethereum and many of the major altcoins appear to be rooted in a dreaded bear market, with a blow off top preceding a heavy drawdown and consolidation at the lows.

If a two-year bear cycle is to come into fruition, Ethereum has downside targets well below $1,000 based on its performance in previous cycles like 2018.

 

 

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:

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.

Source: coinrivet.com