Ethereum price once again rejected by a resistance

Ethereum price once again rejected by a resistance
  • Ethereum's price saw strong performance in 2020, mostly following BTC until the price crash.
  • While it did fall with the rest of the market in mid-March, the drop was not as severe as that of other coins.
  • The coin has been stubborn when it comes to trying to break its resistances, and it fights one even now.

Following the crypto price crash earlier this year, the Ethereum (ETH) price saw a steady increase. While it did run into difficulties from time to time, it mostly managed to overcome them after one or two tries. However, the price is now facing a barrier that seems tougher than the ones that came before, and it once again got rejected after attempting to breach it.

Ethereum YTD

In early 2020, Ethereum’s price still sat rather low after the struggle it saw in the second half of 2019. However, the first two months of 2020 were marked by an extremely positive performance.

The price surged from $130 to $289 in a mere 45 days. The growth was slow during January, but in the first two weeks of February, it skyrocketed quite sharply.

The price was stopped at this level as it hit a resistance which rejected it three times. However, ETH returned for another attempt after each time, until February 24th, when it started losing its strength.

This last attempt was rather weak, and it did not manage to go up to the resistance. Instead, it appeared that the price increase lost its momentum, and ETH stared dropping eventually being stopped by a support at $220.

Around March 7th, the price attempted another surge, and only days later, the price crash hit the crypto market.

Ethereum’s ascent

The price crash did a lot of damage on Ethereum, but unlike most coins, ETH did not go much deeper than where it was when the year began. Most other altcoins — and even Bitcoin itself — went way past their starting point.

Ethereum, on the other hand, started at $130, and in mid-March, it only sank to $110. Furthermore, it soon started its climb up. While the growth was slow and there are clear signs that it struggled with each minor resistance, it kept progressing up. Its strongest resistance before June sat at $210, which it tried to break multiple times throughout May.

It finally did so on May 27th, seeing another sharp rise to $245. However, this is where it got stuck again, and it hasn’t managed to go beyond this level yet. The coin is currently suffering another rejection which will likely be contained by a level at $225. However, if ETH manages to breach this resistance in days to come, it is very likely that it will return to the levels observed in February.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.
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