Ethereum Price Analysis: Going Down

Aug 02, 2016 at 10:26 // Price

This week the Ethereum price is testing new lows every day. The reasons for the general decline of all cryptocurrencies and problems in the Ethereum network.

Ethereum’s sharp decline against the US Dollar is hardly surprising. asked our expert Daniel Dabek, founder of Safe Exchange to comment on the situation:

“Current trends on Ethereum down. The market is treating ETC as a less expensive substitute for ETH, the price of these two Ether must converge as soon as possible. ETH is declining to sooner meet ETC in price.”

Last week ETH/USD exchange rates felt quite confident in a sideways trend within the price corridor of $12-14.

However, by the end of the week, due to the problems of a network split and the emergence of a new currency – ETC, Ethereum’s price began to decline. Moreover, a sharp collapse of cryptocurrencies increases pressure on Ethereum.

ETH / USD exchange rates for last 7 days (July 26 – August 2):

ETH / USD exchange rates for last 7 days (July 26 – August 2)

ETH / USD exchange rates for last 30 days:

ETH / USD exchange rates for last 30 days

ETH/USD is currently trading at $10.38. This week we expect the downtrend to continue  to the levels of $10 and $9. $10 is a support level today. Resistance level is $10.7. 

This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency.

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