Ethereum recovered well after the Sunday morning crash that took the coin down to the $135 price level, with Bitcoin also bouncing higher, and the other majors following the two dominant currencies as well. ETH’s 20% rally means that the token is just below the previous low, at $172, which triggered the sell-off and liquidation during the weekend.
ETH/USD, 4-Hour Chart Analysis
The currency dipped below the level and caused a strong wave of forced selling in the majors and the smaller coins, but most currencies are well off their lows, and getting close to important short-term resistance levels. While the trend is still clearly negative, a rally above the $175, could mark an important bottom in the coins, as the long-term picture is getting oversold, and Ethereum fell as much as 66% while BTC is also after a 40% correction. Let’s see how the majors are holding up after the 50% dip in the value of the crypto-market.