Ethereum Declines by 5% in the Last 24-hours; Shows No Signs of Improvement

• Ethereum loses 5% overnight to touch 165 USD.
• The next support may come at 162 USD.

Ethereum (ETH) has been down by 5% over the last 24 hours and it has been through five major price changes, within the said time. The range of the price movements has been between 174 USD and 165 USD. The current trading value hovers around 167 USD.

Ethereum Price Analysis:

Ethereum’s first swing started at 00:07 UTC and over the next 7 hours and 13 minutes, it fell by 2.92% to 169 USD. The next variation started at 11:58 UTC and it fell to 165 USD by 15:30 UTC. It was followed by a hike in the value by 3% that added 4.95 USD to the value and placed it at 170 USD. After a few hours of volatility, ETH was lifted by 3.65% and reached the second peak at 172 USD only to witness a decline of 2.50% that took the value to 167 USD (as per 04:13 UTC, today).

ETH just as XRP, also saw a decline in the market cap. The market cap on September 28 was 18.8 billion USD and it fell to 18.4 billion in just one day. The market cap is likely to be devalued even more in the upcoming days, if the trend remains declining.

Based on the Ethereum predictions and current price formation, ETH’s current price trend seems to be constantly chasing its 20 days and 50 days moving averages. However, currently it is below both the stated indicators. The next is expected to come at the support of 162 USD.