Price Analysis

Ethereum (ETH) Dips Below $205 due to Intraday Bearish Consolidation

  • Ethereum, at the time of penning down this analysis, was trading below the major support of $205 due to intraday correction on the hourly chart
  • ETH/USD is facing strong resistance at $219 price area, and the current intraday has led the coin below 38.20% Fib Retracement level
  • The 20-day Bollinger Bands are seen widening and the ETH price trend hits below the lower Bollinger Band, showing the loss of intraday momentum
  • As the pair slid below $205—the major daily support, it lost support from the 200-day MA, while 50-day MA was disseminated at $212 on the hourly chart

Ethereum has lost the intraday traction and $219 acting as the major resistance, which eventually did not lead the coin to hit a complete bullish crossover in yesterday’s trading session.

Ethereum Price Analysis

Ethereum News
ETH/USD Chart By TradingView

On the hourly chart, Ethereum is drawing a descending trendline and recedes below 38.20% Fib Retracement level and the lower 20-day Bollinger Band. After spurring at $227 in the previous week, the price trend of ETH remained below 61.80% to a major extent. It was just in yesterday’s trading session when the coin left the support from 50-day MA on the hourly chart at $212. A fall below $200 is likely to restore the bearish consolidation, which happens to be a major support to watch out for.

ETH News

Technical Indicators

The technical indicators are also drawing and confirming a bearish divergence as the signal line crosses above the MACD line due to lack of traction, and the day opened with a bullish candlestick aversion. The RSI of Ethereum lies at 28.43 and has already breached below the major support at 30 in the selling zone.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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