After the strong rally in the most famous crypto currencies such as Bitcoin, Ethereum, Dogecoin or Ripple, profit-taking began at the beginning of the week. The price of a number 2 coin in terms of market capitalization, Ethereum (ETH), has fallen by almost ten percent since its high on Sunday. Has that given you the chance to get started cheaply?
The cops are firmly in control at ETH. The price of an ETH coin has temporarily increased by 85 percent since July 21. The price only paused the rally around the $ 2,600 mark for three trading days. Subsequently, ETH pulverized two important resistances at $ 2,640 and $ 2,913.
The increase accelerated further on Saturday and the price of an ETH rose by over nine percent on that day. As a result, the price rose to a new multi-week high of $ 3,192. A strong sign as the psychologically important $ 3,000 mark has been broken.
ETH daily chart in USD
Profit-taking began on Sunday and today, Monday. After the sharp rise previously, the reset was overdue and the overheating has now been reduced. The RSI indicator was trading at an extreme value of over 80 in the overbought area on Saturday. Now the value has fallen again to an elevated, but still moderate value of 68.
Note on conflict of interests:
The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Ethereum.