Analytics / Forex and Crypto News
Ethereum continues to decline and is trading below the $350 level. In October, the bears have already tried twice to test the support level of $333, but so far without success. At the same time, the bulls cannot raise the price above the $355 level. This level provides enough resistance during this period. After the bulls managed to get close to the $355 mark, the bears quickly seized the initiative and lowered the price to a low of $332.
On the 4 hours chart, the ETH/USD pair is forming a triangle with support at $335 and resistance at $347. The pair is trading below the 100 MA.
If the ETH/USD pair does not rise above the $347 resistance level, there is a risk of a breakout of the lower border of the triangle. In such a case, initial support is near the triangle line at $335. If the ETH/USD pair manages to close the day below the $335 level, further movement towards the $333 level and its break could trigger a stronger decline. The next major support is near the $320 level, below which the ETH/USD pair could retest the $308 mark.
Another scenario for the ETH/USD pair suggests a rise above the $344- $345 resistance area. If so, we will see the beginning of a sustainable recovery. The next major resistance is near the $350 level. Major weekly resistance is still around the $355 level, above which the price is likely to start a steady upward movement towards the $370 level.
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