This article was first published on: Latest Crypto News --
Alongside Bitcoin, Ethereum (ETH) price collapsed to $240 and managed to recover. The second largest cryptocurrency lost over 13% of its value in a matter of minutes without an obvious catalyst.
Ethereum Medium-Term Price Analysis
On May 16, the Ethereum market rose to a high at $280 price level in a recent surge in volatility, however, the bears were resisted and the price made a sharp decline to a low at the price of $240. The downward trend is continuing as the bears broke the 0.236 and 0.382 Fib. retracement levels.
Ethereum price is likely to drop to the $200 price level or 0.786 Fib. retracement level. If that happens, the price will resume its bullish trend at the $200 support level. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line, which is an indication of a buy signal.
ETHUSD Short-term Price Analysis
As the 1-hour chart shows, ETHUSD was in a bearish trend zone after the bulls met resistance at the $278 res...
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