Can Ether Price Recover After DAO Hack Losses?
|Ethereum price was hammered during the past 24 hours, as investors failed to digest DAO hack in which over $59 Million Ethers are stolen.|
|ETH/USD took a nasty dive, traded from $21.00 to $13.00, and looks very unstable at the time of writing.|
|ETH/USD broke a couple of important support levels, and looks poised to break a crucial support area of $13.80 as well.|
Ether sellers might be enjoying the current feast, as ETH continued its slide due to the attack. Let’s see what can be the next stop in ETH/USD?
Ether Price Heading Towards $10.00?
ETH/USD pair continued to move down, and traded below a crucial support area of $15.00-$14.00, which ignited further pressure on the price. The attack in which DAO is drained of ethers to the unknown attacker’s ETH address pushed Ethereum price down by more than 40%, and it looks unstoppable at the moment.
If we look at the last 24 hours chart of ETH/USD, the price is in a downtrend, which is very strong and may continue. There is a bearish trend line formed (red color), acting as a barrier for a recovery. Moreover, there was a support trend line break (yellow color), which further pushed the price down.
All in all there is a lot of pressure on the ETH bulls at the moment, and their every attempt to stabilize the price failed. The 7-days chart of ETH/USD suggests that there is a monster support on the downside. However, there is hardly any chance of it holding losses.
So, ETH may continue its slide in the short term until a solution is found, and ETH/USD may even test $10.00 in the current market conditions.