Ethereum Nosedives From $415, But Technicals Suggest Uptrend Isn’t Over Yet

Ethereum Nosedives From $415, But Technicals Suggest Uptrend Isn’t Over Yet

Gate Trade News Sunday, August 2, 2020 9 0

In the past few days, there was a strong increase in Ethereum above the $300 and $320 levels against the US Dollar. ETH price even broke the $350 resistance and settled well above the 100 simple moving average (4-hours).

 

The upward move was strong and ether surged above the $380 and $400 levels. The price traded to a new multi-moth high near the $415 level and it is currently correcting lower. There was a sharp bearish reaction from the $415 swing high and the price dropped more than $50.