Ethereum (ETH) Corrects Upwards; But Holds a Bearish Crossover

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  • Ethereum corrects upwards but still holds a bearish outlook, currently trades around $175.13
  • ETH/USD slid below $175 in the past 24 hours, marking the lowest in the said time frame
  • The current trading price of ETH is having a strong resistance area around $177 and $180
  • Ethereum trades under strong ‘selling pressure’ and holds no support from the daily moving averages

Ethereum against USD is currently trading at $175.13 and is in its price correction phase, after having hit $172.86, as per the data feed from Coinbase. However, the current trading price area is facing a strong resistance to rise, and the current trend formation may have a rising wedge breakout downwards.

Ethereum Price Analysis

Ethereum Price
ETH Chart By TradingView

Analyzing the intraday movement, we see that the coin was trading around the major resistance at $178 and kept declining thereupon. With a maximum of red candle formation, ETH price slid by 2.9% to trade at low as $172.86 in just no time. However, it immediately rose to $175.65 just to hit the following resistances at $176 and $177. Here, important to note that the price trend of Ethereum is forming a rising wedge pattern, which shows that the coin will eventually lead to a further breakout below $175.

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A break below will test the support area around $172 and $170. In order to have a bullish outlook, the trading price of ETH coin will need to rise above $180 and $182 and have persistent trading above the said price areas.

Technical Indicators

The 9-day and 50-day moving averages are quite close to the current trading price at $175, although above the same, while the 200-day MA is at the major resistance point.

The MACD of ETH is getting inclined towards zero and holds a slightly bearish outlook.

While the RSI of the coin is at 41.03 and currently holds no extremities but an inclination towards the oversold region.

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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