Alongside Bitcoin, Ethereum (ETH) price collapsed to $240 and managed to recover. The second largest cryptocurrency lost over 13% of its value in a matter of minutes without an obvious catalyst.
Ethereum Medium-Term Price Analysis
On May 16, the Ethereum market rose to a high at $280 price level in a recent surge in volatility, however, the bears were resisted and the price made a sharp decline to a low at the price of $240. The downward trend is continuing as the bears broke the 0.236 and 0.382 Fib. retracement levels.
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