ETH/USD goes back to $417, losing over 3% within a couple of hours

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  • Ethereum recovery proved to be short-lived, as $440 remains unbroken.
  • ETH/USD might dip towards $400, in line with general cryptocurrency sentiments.

Ethereum is dropping like a stone amid growing trading volume and spike of short-term volatility. Failed attempt to settle above $430 triggered a wave of profit-taking, which pushed the coin back to the previous range. 

Golem story-related FOMO pushed ETH to local highs on Wednesday, but now the speculative interest is over. Ethereum dynamics is now more in line with Bitcoin movements and general cryptocurrency market sentiments, where most major coins, including BTC, LTC and NEO are turning red.

Ethereum technical picture

Ethereum is trading at $417 amid growing bearish pressure. The price came close to 50-EMA (hourly interval) and $417, which now serves as the short-term support level. Once it is cleared, the downside may be extended towards $410 and $400 with ultimate support at $370-$360, that’s where fresh buying interest is likely to appear. On the upside, the coin needs to reclaim $430 and have another try at $440.

ETH/USD, the hourly chart

ETH/USD, the hourly chart

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