Ethereum (ETH) Plunges Even Densely; Faces Support at $175
- Ethereum price descends below $180 and trades around $176
- Just when BTC broke around $8,200, the trading volume and market cap also exhibited a notable decrease
- A confirmed bearish trendline is formed as the ETH price plunged even below $178, and recorded the lowest at $173.56, as per Coinbase
Ethereum – the king of altcoins is dooming down for quite a long time now, along with Bitcoin and all the major cryptocurrencies of the market. Just when ETH’s price failed to remain stable or move beyond $186, it drew a fresh decline below it and tested the major support at $182 and now even below. The whole crypto market is rushing bearishly, with no noticeable increase in the price of Ethereum, we believe that it will test supports even below the current trading price.
Ethereum (ETH) Price Analysis:
Analyzing the 5-day movement of ETH/USD, we see that the coin is exhibiting a downward movement from trading at a high of $188.95. It then drew a downward trend line to test the support at $186 and $183, with the traces of a slight uptrend observed.
However, unable to hold, the ETH coin started a notable and rapid downtrend to trade as low as $173.56. With majority of red candle formation in the past two days, Ethereum price slipped below $180 first on November 15, 2019. There is no grounded support from the short-term or the long-term moving averages as ETH slipped rapidly.
As per Future ETH Forecast, if the coin takes an upward turn, it is likely to retest $180 and $182. However, a fall below the current trading price can lead to further downward price corrections and breakout.
Technical Analysis:
The MACD of the coin is running bearishly below zero as the signal line crosses the MACD line.
The RSI of Ethereum is at 38.40, more inclined to the oversold region due to selling pressure that it is facing.
