Nearly any cryptocurrency had its price collapsed when Black Thursday occurred on March 12, and Ether was not spared from the carnage. Ether’s price recovered to report a year-to-date increase of 322 percent after trading for as low as $86 on March 12 and the altcoin set a 2020 record at $635.70 on December 11.
The currency was slightly below the USD in the last trading week at the time of writing this article (December 2), but had regained some of the losses from last week. However, for the trend to continue, there must be more highs above the consolidation. In fact, the ETH/USD pair is in a breakout pattern.
The reversal of the 20-day moving average, with a rise in trading rates, is targeted at buyers following last week’s choppy price movement marked by a contraction and correction of the overstretch of 23-24 November.
Today, there was a slight decline in ethereum. ETH/USD settled below USD 600 but it is holding the USD 580 support zone.
Ethereum price dropped sharply below USD 610, USD 600. ETH has even risen to USD 575 and is currently consolidating more than USD 580. On the upside, the price faces a few major hurdles close to USD 595 and USD 600. On the downside, the price is close to USD 580 and USD 575. Any further losses could lead to a price of USD 550.