RATE Group | Ethereum Gets $1 Billion Trade Influx; ETH Price Jumps 23%
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Ethereum Gets $1 Billion Trade Influx; ETH Price Jumps 23%

13 Sep Ethereum Gets $1 Billion Trade Influx; ETH Price Jumps 23%

Posted at 23:15h in Ethereum News by

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The cryptocurrency segment is experiencing an explosive oversold rally today, with Ethereum registering the largest gains as expected after leading the way lower during the recent steep selloff. The second largest coin got back to the $200 price level after plunging below the key long-term $180 support during the latest leg lower.

ETH/USD, 4-Hour Chart Analysis

Aggressive traders could enter short-term positions here in both the most oversold and the relatively strongest coins, but the broader longer-term downtrends remain intact in the majors. Ethereum might be ready for a stronger short-term rally, up to the $235 or even the $260, even though a more protracted bottoming process is likely after the steep decline of the recent months. The total value of the market recovered to $200 billion thanks to the double-digit move, and given the deeply bearish sentiment, a more durable bottom might finally be in.

BTC/USD, 4-Hour Chart Analysis

Bitcoin is testing the $6500…

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