Ethereum just broke below the multi-month support

What's in this article

Ethereum just broke below the multi-month support it was respecting since June 26 last year. More than a week ago we spotted Ethereum moving down in a bearish parallel channel and predicted the potential target of $3000 which is pretty much achieved today.

Ethereum price today is $3,161.41 USD with a 24-hour trading volume of $23,393,568,617 USD.  Ethereum is down 6.81% in the last 24 hours, with a market cap of $376,403,478,027 USD. It has a circulating supply of 119,061,995 ETH coins.   

Source: Tradingview

Ethereum: Analysis

Breaking below this support level could be fatal for Ethereum as it is in the case of Bitcoin as the price can plunge to $2600 support, fib 1.618, and below. Ethereum has local support at EMA 200 and then at $3800, the converging point of EMA 20 and EMA 50.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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