Ethereum, at the time of writing, was trading at $130.96 after having bottomed out at $119.78 in the past three weeks, having marked a fresh 90-day low. All the major coins of the market viz., BTC, ETH, and XRP are seen settling at the year-end.
After soaring as high as $364 earlier this year, the current trading price of ETH against USD is not even half the height it achieved. However, if we compare the same movement with that of BTC against USD, there has been a considerable decline as today, Bitcoin is half of the marked 52-week high.
Analyzing the daily ETH/USD movement on Coinbase, we see that the coin has been on a continual downswing just like any other altcoin in the market. This year has not been a pleasant one for the altcoin holders to have an exponential trade throughout. The laid 20-day Bollinger Band laid shows moderate opening, and therefore, we do not project any upcoming volatility, rather a stable move to gain a direction for trading.
The imminent moving averages are currently inactive, and the long-term support viz., 49-day, and 100-day MA are moving out of the Bollinger Bandwidth. With this, we rightly confirm the bearishness prevailing in the altcoin market as the major altcoin is seen goofing up.
The technical indicators assigned also confirm the same, as the MACD of Ethereum is moving below zero and holds a slightly bearish outlook as the Signal line overrides the MACD line.
The RSI of the coin is at 43.61 and is seen rising from the oversold region under which it was trading.