Get the Finder app 🥳

Track your credit score, free

Free

Ethereum price weekly analysis 26 June: Market pressure sees Ether take a big hit

Posted: 26 June 2018 8:00 pm
News

Ether is not immune from the significant downward pull dragging down most of the cryptocurrency market.

Key takeaways

  • Bears are controlling the market with Ether dropping 14% over the last week.
  • The price is holding at around the US$450 market, which is around the 50-day SMA.
  • Ether is caught up in a broader market plunge.

Like much of the market, Ether has taken a hammering over recent days. Even allowing for a relatively small rise of about US$27 yesterday, the market's second most valuable coin by market capitalisation plummeted from US$542 last Thursday to settle around the US$451 mark in trading today.

Most of those losses occurred over the weekend with the price tumbling precipitously late on Friday and throughout Saturday.

Overall, ETH has lost over 14% since this time last week with sellers boosting trading volumes. Interestingly, now that the price has settled around the US$450 level, 24-hour trading volumes have lifted to about US$4.5 billion from lows of about US$1.6 billion yesterday.

Most analysts, like those at NewsBTC agree that Ether is finding support at the US$450 level. However, if that level is broken then we can expect about another US$90 to be wiped from ETH's value.

Some further analysis by NewsBTC says that clearing the US$470 level and its 100-day simple moving average (SMA) is a struggle for Ether, suggesting the main force in the market is coming from bears holding the price down.

The 50- and 100-SMA for Ether are US$452 and US$464 respectively. But an extended sell-off, says FXStreet, will bring the US$440 and US$420 levels into play.

When you run your eye down the list of top 100 coins, there are very few green lights with almost every coin showing significant losses of up to 50% over the last week. Clearly, we are seeing a massive market correction in progress with no telling where the bottom will be. Whether we've reached levels that will see the buyers come out remains to be seen.

Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site