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  • Ethereum prices fell tgo eleven months low this week.
  • 25 pct bounce from here can’t be ruled out, may not sustain.

Ethereum, the second largest cryptocurrency by market capitalisation which had ambitions to surpass Bitcoin to become largest cryptocurrency, sank to eleven month lows earlier this week and although a bounce after that may result in prices rallying by more than 25 percent, the bounce may not sustain.

ETH/USD is down a tad less than 4 percent on day at $305.677 and near the low point of the day. On the long term 720-minute chart, after hitting as low as $252 earlier this week – a September 2017 low, ETH has managed to bounce a bit and chances are it may even bounce all the way to $380.

Sustaining this bounce would be difficult for the bulls, as that is where it meets resistance in the form of a descending trendline.

ETH/USD 720-minute chart: