Since the beginning of the year, Ethereum has managed to gain about 4.9 percent in terms of price appreciation. As one of the roster cryptocurrencies on CoinMarketCap, ETH has maintained a rather stable price amidst a volatile and bearish trend in the market. Perhaps the biggest contributor to its almost stable performance in the market is the fact that it provides a platform for other decentralized applications on its Blockchain network.
Price Analysis
However, the past few weeks have been anything but good to the second largest cryptocurrency with a market capitalization of over $45 billion. According to data from CoinDesk, ETH has lost over $50 in the last 12 hours and is now changing hands at sub $500.
Recently, the coin had maintained a resistance level at the $545 to 548 marks, subsequently making an attempt to go past the $545 mark. As a result of a bearish market reaction by buyers, the price moved to a low of $530. In fact, the past weeks have highlighted an extremely Bullish trend that saw the coin drop further down below $500.
Last week, market analysts predicted that it would hold its position above the $500 support zone. However, ETH declined further to the disappointment of many holders of the coin. After failing to hold its support levels at the $455 to $450 range, Ether’s decline was pretty much extended to levels as low as $426.47 on Sunday. After that, the bottom support levels immediately sparked a reverse in price giving the coin a gain of $42. Currently, ETH is trading at $460 but still reporting a decline by approximately 60 percent considering its all-time high of $1326 in January this year.
Ethereum is not the only one
The entire market has been in the red zone the past few days. However, there are some signs of a recovery with Bitcoin currently trading at $6,313 after declining below the $6,000 mark at $5,880 on Sunday. EOS, Ripple, Litecoin, Cardano and basically most of the top ten coins in the market were similarly affected by the sharp decline over the weekend; however, they all seem to be recovering.
Is it yet time to panic sell?
According to market analysts, a swift recovery is on its way considering the long overdue price consolidation that suggests a reverse to the bear trend. Furthermore, long-term indicators show that ETH has reached an oversold zone meaning that the current Ethereum price is a consolidation of its bearish MACD and RSI. As a result, the only way for ETH is up. While considering your position, this current decline can actually be the perfect time to buy.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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The post Ethereum Price Analysis: With ETH hitting its lowest price in 10 weeks, is it time to panic sell? appeared first on Global Coin Report.
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