Ethereum price analysis: ETH/USD rising from the ashes
Ethereum revamps the trend after rising from the ashes around $215. The price is entering a bullish channel that could break above $230 in preparation for recoil towards $250.
Ethereum seems to have lost its charm in the last couple of months. The crypto is currently trading below a long-term descending channel. The recovery from the primary support around $170 lost strength on touching $250. ETH/USD has been deflating in the past two weeks after it broke the support at $240 and $220. However, declines were supported at $215 leading to the current rise above $220. Ethereum has corrected higher past the short-term bearish trendline resistance. Moreover, the bullish trend has taken a swing above $224 and is currently testing the immediate resistance at $225. The price is entering a bullish channel that could break above $230 in preparation for recoil towards $250.
About Ethereum (ETH): Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.
Ethereum (ETH) is the 2nd largest cryptocurrency by market cap size. It is down 0.20% over the past 24 hours and is currently trading at $223.32. It can be bought with fiat dollars, credit cards, or debit cards on cryptocurrency exchanges such as Coinbase, CEX.io, and Changelly.