Ethereum Price Analysis: Ethereum (ETH) Exhibits A Bearish Crossover; Trades with a Selling Pressure
- Ethereum trades below $200 since the start of the day today.
- Important to note that the coin has slipped even below $190.
Ethereum in past 7 days has recorded the lowest price as $178.14. But it had made a bounce back and traded as high as $207 in the same time frame. While in the past 24 hours the coin notably traced a downtrend that again took the coin below $190. Bitcoin is trading near its major support level of $10,000 and has exhibited a bearish trendline in the past 24 hours. Ethereum and XRP, the next major coins after Bitcoin also seem to be influenced and have come under strong selling pressure. All in all, the crypto market has a pale trading day today as most of the coins majorly trade with negative figures.
ETH to USD Price Chart by TradingView:
The chart is a data feed from Coinbase as on 21st August at 11:50 UTC.
ETH to USD Price Comparison:
Ethereum was rightly above $200 at $202 until yesterday. The bearish outlook took place just 24 hours back which first took the coin below $200 and then below $190. As observed from the above 6-hourly movement of the coin, ETH has fallen from the trading price of $189.61 to $186.30 by 1.74%. The coin creates a double bottom at $186.30 in the said time frame.
Later, Ethereum made constant attempts to have a better trading but couldn’t really grow above $188.92. Sliding a little, the coin currently trades at $187.62 with a marginal 0.6% plunge. Ethereum to face a major resistance and support at $180 and $200 respectively.
The current trading price of the coin is 2.97% and 2.90% less than its 5-day SMA ($193.37) and 5-day EMA ($193.24), trades with constant selling pressure. let’s get more details insights into the technicals of Ethereum.
The MACD of the coin moves to have a bearish crossover as the signal line crosses the MACD line.
The RSI of the coin remains at 50 exhibiting no extremities. According to prediction, it might continue range-bound trading before registering any major breakout.