Ethereum Cuts Down the Gains; Draws a Downward Trend

  • Ethereum price struggles to keep the trading intact at $192 and falls to trade at $186 now
  • ETH price is supported by 5-day moving average at present, followed by 10-day SMA at $185.73
  • Ethereum value trades under selling pressure, due to the current fall below $190

Ethereum price faces a rough patch as it falls below the support levels, which formed near $190 and $188. All the major coins of the global crypto market viz., Bitcoin, Ethereum and XRP are facing a notable and drastic fall. Bitcoin tests major support near $9,200, while XRP slides from $0.30 to $0.28. Other than the three stated major coins, the whole crypto market is dealing in red.

Ethereum Price Analysis:

Ethereum Price
ETH Chart By TradingView

Analyzing the movement in the price of Ethereum since the beginning of the day until the time of writing, we see that the coin is relaxingly testing the support levels from trading at $192 to $186.05 (data feed from Kraken). Important to note that the coin has lost over 3% since the start until the said trading price. The current trading price fetches a double bottom as it again hit the lowest until 10:03 UTC.

An upside break above $192 will give the expected push to the price only if it maintains the growth momentum throughout. However, as per ETH Prediction, the current scenario exhibits the coin to break down. The moving averages point out the support created towards the lower levels wherein the 20-day and 30-day’ moving average is at $180.

Technical Indicators:

The MACD of the coin is below zero and holds a bearish outlook.

RSI has slid even below 30, exhibiting the oversold part and the selling pressure which ETH price holds.

Trading Price Range: $186–$192 Major support levels within the price range: $186, $185, and $182.

Major resistance levels within the price range: $188, $190, and $192.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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