Ethereum Price Analysis: Downtrend or Interrupted Trend?

Ethereum's price currently stands at around $1,889, which is almost 61% below its twelve-month high of $4,818. The price has fallen further than Bitcoin but recovered somewhat better in recent weeks.

The chart suggests that the dominant trend still points downwards, with Ethereum trading 15.2% below its 200-day moving average. However, it has reclaimed its 50-day moving average, which is a modest edge over Bitcoin.

Support for an entry at current prices comes from the fact that the drawdown of almost 61% is the deepest among large crypto assets with comparable market capitalization. Ethereum's relative strength in recent weeks and its definable support level also argue in favor of buying.