Ethereum weekly price analysis 16 August: Ether down but there’s a push for recovery
The digital token has enjoyed a flurry of support over the past 24 hours but remains down week-on-week.
Key takeaways
- The ether token suffered a significant price plunge, giving up around one fifth (20.6%) of its weekly value.
- Trading volumes have remained relatively stable over the past week.
- Cybercriminals love Ethereum, given its attractive, burgeoning and exploitative ICO marketplace.
The cryptocurrency began the week on Wednesday 8 August at US$364.56. The token hit a weekly high of US$370.95 on Thursday 9 August before tracking down to US$316.60 by the end of Friday 10 August.
On Saturday 11 August ether sank to further lows of US$308.49 before a slight rebound until Monday's bloodbath. Ethereum then continued its downfall, hitting a weekly low of US$255.56 on Tuesday 14 August.
At the time of writing the digital currency has regained some momentum, finishing at US$289.11 on Tuesday.
24-hour trading volumes fell week-on-week, albeit only slightly, from US$2.01 billion down to US$1.91 billion.
CCN reported that ether's price has managed to gradually claw back, as market capitalisation began to recover. Analysts suggest that the market may have been oversold earlier in the week.
ETH News said ETH/USD buyers may have to sidestep some stumbling blocks near $290.00 and $300.00 levels.
"A failure to surpass the mentioned resistances could trigger a fresh downward move back toward $270.00 or $260.00," according to ETH News analyst Aayush Jindal. "On the other hand, a bullish break above $290.00 and $300.00 will most likely decrease selling and ether might accelerate higher."
Although bitcoin is the world's most notable and popular digital currency, Ethereum is currently the most sought-after cryptocurrency among cybercriminals, given its fast-growing, easily exploitable ICO market. This was revealed as part of global cybersecurity company Kaspersky's latest quarterly report, which concedes that, despite preventing tens of thousands of phishing attacks, crypto bandits made away with millions last quarter.
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