- ETH bounces off a medium term support.
- Need to cross certain barriers.
Ethereum, the second largest cryptocurrency by market capitalisation with sky high ambitions to be numero uno, seems to have bottomed out after relentless selling it saw in the last few weeks. Although long term still needs a lot of push to call it a long term bottom.
ETH/USD is up more than 2 percent at $214.24 and slightly below the high of the day. Ethereum’s bottom of $167, which is a 14-month low, hit earlier this week is exactly from the long term descending trendline support that has helped the prices in the past too and can be termed as a near-term bottom.
But for the long term trend to turn up, ETH needs to cross past many resistances, one at the higher end of the channel, placed at $230-240 currently and then around $300-320, which has been acting tough in the recent past.
ETH/USD daily chart:
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