Ethereum Price Analysis: Going Down

Ethereum’s sharp decline against the US Dollar is hardly surprising. CoinIdol.com 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 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.