Ethereum inched higher on Friday, increasing the price of digital currency to more than $800. The technical bias remains bearish because of a lower high in the recent upside move.

Ethereum Technical Analysis

As of this writing, the digital currency is being traded near $819. A hurdle can be noted around $954, a key horizontal resistance area ahead of $1000, the pychological level and then $1044, the upper trendline resistance area as demonstrated in the given below daily chart.

On the downside, a support may be seen around $818, the low of yesterday ahead of $567, the low of last major downside move and then $360, the confluence of two major trendline support levels. The technical bias shall ramiain bearish as long as the $954 resistance area is intact.

Vitalik Buterin’s Remarks

Ethereum founder Vitaik Buterin warns that cryptocurrencies still fall into hyper-volatile asset class and could plunge to near zero price anytime. He suggests investors to make only limited investment in cryptocurrencies which they can afford to lose.

Trade Idea

Considering the overall technical and fundamental outlook, selling the digital currency near current levels can be a good strategy in short to medium term. If you are looking to buy and store Etherum for long term then it is recommended to wait for a level around $600. Like other cryptocurrencies, ethereum is also under strong selling pressure. Given the current circumstances,  a move towards $600 is very likely.