Ethereum (ETH) Slips Below $190; Trades Near Major Support Level of $185

  • Ethereum falls below the trading price of $190.
  • ETH price now trades near its major support area around $185.
  • ETH slips with a strong selling pressure.

Ethereum price trades with a dip below $190, the major question lies is will it create a new weekly low or bounce back from the current trading price? This breakout has certainly put the coin amidst the strong selling pressure and fetch losses for the traders on the short-term basis. Ethereum value is ought to face this bump until it is rightly and persistently trading above $195 for fetching returns and $200 for a sustained upsurge.

Moreover, the anchor of the market Bitcoin also faces this blow, as it trades near its major support level of $10,000.

Price Chart of ETH to USD by TradingView:

The below Ethereum price chart is a data feed taken from Coinbase as on 27th August at 07:26 UTC.

Ethereum Coin Price
ETH Price Chart by TradingView

As observed from the above ETH price chart, it is well observant that ETH had a leisure downward stride from $194.27 to $184.51 by 5.02% in just past 24-hours. The coin had slipped below $190 yesterday itself and closed at $188.93. Ethereum price is now struggling to gain momentum and trade persistently above $195 in order to come out of the bearish loop.

Price of Ethereum now trades below its major short-term moving averages and even the EMAs. This notably creates a wide gap between the ETH current trading price and the long-term moving averages.

If the price breaks out even further, the downward support area lies near $180, otherwise, the coin is expected to breach $190 and $192 on the upper hand.

Technical Indicators:

ETH price has attempted to touch and breakout of the upper Bollinger Bands but could not effectively do so except once, during the initial hours yesterday. Similarly, the coin even tried to break out of the lower bands but is currently trading around the mean price with a mild squeezing foreseen.

The MACD of the coin is majorly in the negative zone with a bearish crossover as the signal line crosses the MACD line.

The RSI of the coin also remains around 40, and is majorly inclined towards the oversold region of the said time frame. Based on technicals and Ethereum price prediction, the coin might keep the current trend intact for the near term.

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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