Ethereum Price Analysis: No support level before $53, ETH expected to crash between $40 and $60

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Market Bias: Strong Bearish
Strong Resistance Levels: $115, $120
Strong Support Levels: $53, $40

 

In the worst hit since 14 Months, the entire cryptocurrency industry got wiped out of $50+ Billion in a single week, bringing the total market cap to 120 Billion.

ETH is down 38.6% in the last 7 days according to CoinGecko, and currently trading at $107.99


 

Taking a look at the historic charts for ETH, it seems there is no historic support level between $120 and $53 for ETH, which might bring ETH back to its levels between $40 and $60.

In January 2017, ETH was trading around $10, which is a fact most ETH holders are not aware of. ETH rallied from $40-$60 range to $120 in less than 2 days in April 2017 with no resistance in between.


 

Next Support Level: $53

Further Support Level: $40

Worst Case Support Level: $15

 

As cryptocurrency markets are crashing, ETH might experience its worst hit and Top 50 ICO still hold a considerable amount of ETH and will have to sell their holdings in order to run their daily operations.

What do you think about ETH price? Are you a HOLDer :D? Comment below.

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Janet F. Sanchez
Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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