Ethereum weekly price analysis 15 August: ether down but there’s a push for recovery

Posted: 15 August 2018 4:30 pm

The digital token has enjoyed a flurry of support over the past 24 hours but remains down week-on-week.

Key takeaways

  • The ether token suffered a significant price plunge, giving up around one fifth (20.6%) of its weekly value.
  • Trading volumes have remained relatively stable over the past week.
  • Cybercriminals love Ethereum, given its attractive, burgeoning and exploitative ICO marketplace.

The cryptocurrency began the week on Wednesday August 8 at US$364.56. The token hit a weekly high of US$370.95 on Thursday August 9 before tracking down to US$316.60 by the end of Friday August 10.

On Saturday August 11 ether sank to further lows of US$308.49 before a slight rebound until Monday’s bloodbath. Ethereum then continued its downfall, hitting a weekly low of US$255.56 on Tuesday August 14.

At the time of writing the digital currency has regained some momentum, finishing at US$289.11 on Tuesday.

Trading volumes fell week-on-week, albeit only slightly, from US$2.01 billion down to US$1.91 billion.

CCN reported that ether’s price has managed to gradually claw back, as market capitalisation began to recover. Analysts suggest that the market may have been oversold earlier in the week.

ETH News said ETH/USD buyers may have to sidestep some stumbling blocks near $290.00 and $300.00 levels.

“A failure to surpass the mentioned resistances could trigger a fresh downward move back toward $270.00 or $260.00,” according to ETH News analyst Aayush Jindal. “On the other hand, a bullish break above $290.00 and $300.00 will most likely decrease selling and ether might accelerate higher.”

Although bitcoin is the world’s most notable and popular digital currency, Ethereum is currently the most sought-after cryptocurrency among cybercriminals, given its fast-growing, easily exploitable ICO market. This was revealed as part of global cybersecurity company Kaspersky’s latest quarterly report, which concedes that, despite preventing tens of thousands of phishing attacks, crypto bandits made away with millions last quarter.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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