Analytics / Forex and Crypto News
Ethereum was trying to break above $390 for 3 days, but to unsuccessfully. And yesterday, Ethereum, like other cryptocurrencies, followed the example of Bitcoin and showed a decline. As a result, the pair ETH/USD dropped from $390 to $340.
If you look at the 4-hour chart of the ETH/USD pair, you can see that the price has broken the lower border of the channel. The ETH/USD pair dropped below the 50 MA on September 20 and within 24 hours the bears increased their pressure, which ultimately resulted in a decline.
Increased pressure can also be seen on the chart of the RSI technical indicator chart. A downtrend was formed here, which was broken. And yesterday the price of Ethereum dipped into the oversold zone before rallying to the 36 area.
Now the growth of the ETH/USD pair above the $350 level seems unlikely. At the same time, a further downward movement of the pair should not be ruled out. Immediate support for the ETH/USD pair at $336. The next support is at $323.
The Awesome Oscillator is showing increasing pressure, which could help push the price below the $323 support level to $305. The next 24 hours will be decisive for the ETH/USD pair, but a new decline is likely.
During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.
According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov