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Ethereum price analysis: ETH/USD off recent highs amid Bithumb news, $500 handle in focus

  • Ethereum may be vulnerable to new losses.
  • ETH/USD is relatively safe as long as it stays above $500.

ETH/USD $533 on Tuesday, before Bithumb news broke. Since that time the second largest  coin lost about 2% of its value to trade at $520 with a bearish bias. Ethereum’s market capitalization is registered at  $52.3B and average trading volumes $1.7B, $200M higher from Tuesday.

The woes of the South Korean cryptocurrency exchange are likely to affect all coins as it is another confirmation that digital assets are not as safe and secure as they are touted.  

“Another day, another hack. Hopefully, Bitthumb is able to cover this amount, though $30MM is not a small amount. As I’ve said many times, be smart and only keep on exchange coins that you are actively trading. It’s best to withdraw right after trading,” Charlie Lee, Litecoin founder wrote in his Twitter account

Ethereum technical picture

The short-term picture looks supportive as long as ETH/USD stays above $500. Failed attempt at $530 handle signals that the recovery is running out of steam, but bears need to take the coin below the said support to trigger more pronounced sell-off with the first aim at $485. This is not going to be an easy task, as all hourly MAs are clustered on approach to $500, creating strong support area.

ETH/USD, the hour chart



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