Ethereum (ETH) Price Still Looking Strong Long-term but Could Break Either Way this Week
The Ethereum price suffered a sudden decline this morning (UTC), falling sharply from around $268 to $257 within a few hours. The move followed an early burst of growth that threatened to break through the significant $270 level which has presented strong resistance in the past. Ethereum has managed to regain some traction since and is still looking good in the long-term, currently trading at around $262. However, analysts can’t seem to decide whether we will see further gains or losses this week.
Ethereum getting involved in big tech
Bloomberg recently interviewed Jehan Chu, the co-founder of Hong Kong-based venture capital firm Kenetic, who spoke of big tech firms getting involved in the cryptocurrency space. While the interview focused largely on Bitcoin (BTC), Chu reiterated a growing acceptance in the community that many altcoins are beginning to find their own place in the blockchain industry.
“Vitalik Buterin, the 24-year-old founder of Ethereum, being on stage with Satya Nadella at the recent Microsoft conference really shows not just how much traction there is on the ground,” he said, in reference to Ethereum’s recent involvement with Microsoft. Chu feels Ethereum is ‘definitely bullish’ and rejects calls that people say ‘it’s going away.
“It’s not going away,” he concludes.
Crypto-Twitter on ETH
Twitter trader @TraderMayne says he is ‘leaning bearish‘ for now on Ethereum, noting that it was earlier rejected and ‘looks dumpy’. On the other hand, fellow crypto-twitter personality and trader @NebraskaGooner believes Ethereum is still currently in a smooth uptrend with the 4-hour ‘looking a bit bullish’.
Brave New Coin’s Josh Olszewics (@CarpeNoctom) pointed out a few days ago a bullish sign indicated by the 100-day simple moving average (SMA) crossing over the 100-day exponential moving average (EMA), an event that has previously precipitated a big rally for ETH.
ETH Price Analysis
The Ethereum price is holding support above $260 and for now, could potentially break either way. Price congestion will offer support on the downside at $250 and $238 and resistance on the upside at $290 and $308.
Technicals indicate bulls losing some ground with the MACD moving into bearish territory and the daily directional movement indicator (DMI) also giving in to selling power. While the short-term 5-day and 10-day moving averages suggest a downturn, Ethereum is still bullish long-term.