Price Analysis

Ethereum (ETH) Pulls Back to $176 After Breaching $180; Recovery Seems to be Null

  • Ethereum price with its momentary upsurge traces $180.
  • Though being a lucrative investment, ETH suffers from a ‘short-lived’ gush. 
  • ETH price unable to find a proper support from the short-term moving averages other than the 5-day EMA. This brings Ethereum under strong selling pressure.

Ethereum dipped as low as $167 in the past week’s recession of the crypto market. However, Bitcoin has made a massive revival above $10,000 to help us to readily restore the belief. With this the major coins like ETH, XRP and few outperforming altcoins were expected to make a leap. But ETH’s past 24-hour movement seems to have remained pale only.

ETH to USD Price Chart by TradingView:

The below Ethereum price chart is a data feed from Coinbase as on 3rd September at 11:13 UTC.

Ethereum (ETH) Price
ETH Price Chart by TradingView

As observed from the above 24-hour movement of the coin, ETH/USD was trading around $172.07 in the initial hours of the day yesterday. After a half day of almost flat trading, Ethereum picked up the pace around the same hour when Bitcoin broke the major resistance at $10,000 and Ethereum price at $180. Trading slightly beyond at $181.53, ETH price couldn’t hold it enough and fell to the lowest at $175.19 today.

Currently the coin is trading at $176.70, with a 2.66% plunge from the highest of the past 24 hours.

Technical Indicators:

As price of Ethereum falls back to the same pit around $176, from where it grew to break the major resistance at $180, it again trades with a selling pressure. Facing a major resistance at $180, the coin gains support from 5-day EMA at $175.95.

At present, the major support for ETH trading price remains at $175, if it falls even further the coin will see $173 and $170 as the immediate support.

Whereas, the current trading price is 0.7% and 0.16% lower than the respective 9-day SMA and 9-day EMA.

The MACD of the coin remains in the negative array with a bearish crossover, while the remains slightly above 30, more inclined towards the oversold region.

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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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