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Ethereum price drops after reaching a high

Feb 17, 2020 Forex News

At the end of last week, the largest altcoin Ethereum (ETH) began to descend after the two-week climb, which was called the February rally.

As a result, the price of Ethereum was approaching $290 on some exchanges. However, from February 15, Ethereum began to lose in value. From February 15, the price decreased from $285 to $256 at the time of publication.

Over the past 24 hours, the coin has fallen in price just by 1.5% and is now trading at $256.

Losses at the beginning of the week are borne by almost all the largest cryptocurrencies, including Bitcoin. BTC dipped below $9,800, and there are risks of testing values ​​below $9,600 today.

According to analysts, if in the next few hours Ethereum will not be able to gain a foothold above $260, then the weakening trend will dominate until the fall to $240. The main resistance level remains at $265.

The largest altcoin is weakening despite the fact that the founder of Ethereum, Vitalik Buterin promised to expedite the development of Ethereum 2.0 at the ETHDenver conference.

An updated version of the network, according to the leader of the development team, will significantly increase the throughput capabilities of Ethereum and make the platform more convenient for launching various services.