Ethereum Follows the Market Sentiment; Trades Below $350

Ethereum has been the 2nd most lucrative crypto of the global market as known but has been drawing a volatile and bearish crossover lately. Ethereum, in the first half of the year, was seen crashed below $100 and even $90 at $89 when the market dipped steeply due to the Coronavirus Pandemic.

However, with the current trading price, it has undoubtedly gained over 300% until the time of writing and has marked a YTD high at $490 towards the end of the previous month. Moreover, the coin gained a notable impetus from YTD’s lowest hit in March 2020.

Ethereum Price Analysis

Ethereum Price Chart
ETH/USD Price Chart by TradingView

Ethereum, at the time of penning down, this analysis was trading at $336.8 after a gradual pullback from the $395 price area on the 24-hour chart. ETH/USD pulled back steeply after hitting the YTD high on the last day of the previous month while facing a stringent resistance at $500. With the current bearish pullback, the price trend of Ethereum is breaching the lower Bollinger Band and has already lost the support from MA50.

However, ETH’s price is still holding the support from MA200 around $255, and a gradual dip below $300 can lead to testing the given support too. According to the Ethereum price prediction, the coin is likely to cross its immediate support around $280 as per the current trend. The bands do not hold any extremities so far on the 24-hour chart. The MACD indicator is also confirming the negative sentiment of the market as it draws a bearish divergence. The RSI of Ethereum is at 42.20 after having risen from 30 due to price reconciliation in the past 24 hours.

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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