Analytics / Forex and Crypto News
As Ethereum approached the $250 mark, it began to feel more resistance. After the ETH/USD pair reached a maximum of $249, it began to decline sharply down. Today, the ETH/USD pair continued to decline and reached a minimum of $227,05.
A breakthrough of support of $244 opened the door to Ethereum to decline. As a result, the ETH/USD pair fell below the important support level of $235. At the time of publication, the ETH/USD pair is trading around $234.
Now the $235 level has become the resistance level for Ethereum. To resume growth, the ETH/USD pair needs to close today above the level of $235. In this case, Ethereum can once again try to approach the $250 mark. It is worth noting that the ETH/USD pair is still holding above the Moving Average 100, so the chances of a resumption of growth remain.
If the pair ETH/USD cannot return above the $235 mark, there is a possibility of a continued decline. In this case, the area of $228- $225 provides sufficient support for Ethereum. If the bears lower Ethereum below this area, this will nullify the chances of early recovery.
Technical indicators RSI and MACD are in a bearish direction. The RSI is forming just above 40, keeping a bearish direction.
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