Price Analysis

Ethereum’s Downfall Takes the Price to $169

  • Ethereum (ETH) price keep the downtrend intact.
  • The recovery in price might take some time to embark.

Ethereum opened with a downtrend today. The same is still on hold and we aren’t expecting much for the rest of the day. ETH coin is the second-largest cryptocurrency in the market. Ethereum holds a high possibility of bringing the upsurge in the market, but that seems to get postponed due to heavy market pressure. Yesterday, ETH was seen touching a low at $170.77 and a high at $175.78. The volume marked as $6,895,423,445.

Ethereum Price Analysis

Yesterday, ETH coin began with a stable movement, and it was trading around $175. The currency dropped from $175.89 to $169.44 by 3.89%. The price recovered and took the Ethereum back to $175.99 by 3.87%. The day closed at $174.76. There was some volatility during the last few hours and hence, ETH coin booked an intraday loss of 0.33%. Today, it started the day at $174.76 and now, at the time writing, it is at $169.65. There is a 3.13% loss in the Ethereum price since the beginning of the day.

Ethereum Price Analysis
Ethereum Price Chart by TradingView

The price of Ethereum has been experiencing set back from quite some time. From the beginning of the quarter, Ethereum was seen maintaining itself well. Later, the heavy fall in the market took ETH price down.

Recently, it has been booking recovery with a remarkable volume. However, it is again spotted booking loss. We are expecting that Ethereum, would recover very soon and start trading above the baseline. The market cap of Ethereum is at 18,474,139,569 USD. The 24-hour volume stands at 6,832,615,356 USD. The circulating supply is noted as 107,940,495 ETH.

Ethereum is recommended for long-term traders. The same would bring a massive profit in the future. For short-term traders, it is recommended to consider the following support and resistance levels to enter and exit trades:

R1: $176.64, R2: $178.72 and R3: $181.65

S1: $171.63, S2: $168.7 and S3: $166.62

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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