Ethereum (ETH) Corrects Upwards; But Holds a Bearish Crossover
- 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
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 may eventually lead to a further breakout below $175, as per Ethereum Prediction by experts.
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.
