Price Analysis

Ethereum Price Recovering Since Today Morning; the Very Recent Plunge Initiates to Rebound

Ethereum price saw a notable price decline yesterday, followed by a rebound. The coin is continuing the rebound today, as, since this morning, the coin has not broken the uptrend except for the recent correction. The coin has climbed above $184 from its today’s opening price of $183.47.

Notably, yesterday, Ethereum had tumbled as low as $181.80. This seems to be a short-term bearish phase for the whole crypto market, as Bitcoin is also trading much below $9000 against U.S. Dollar.

ETH coin has started trading today on a positive note and has traced a bullish trendline since today morning. The coin has traded above $184 while it formed a higher-high pattern. ETH went as high as $185.40 gradually and corrected a bit down to $184.89. After a two-hour long consolidation, the coin sharply dropped to $183.91 and soon rebounded. At 11:59:30 UTC, Ethereum is trading at $184.18.

ETH/USD Price Chart

Ethereum (ETH) Price
ETH Chart By TradingView

Ethereum price has been uplifted to quite an extent in a short span of time, considering yesterday’s fall. However, recently, the ETH coin’s SMA lines have formed a death-cross noting a bearish sign. On the other hand, the MACD chart has just traced bullish crossover may enter the bullish zone soon. RSI, showing a negative price momentum moves into the oversold zone.

ETH is likely to meet resistance at $187.84, $191.47, and $194.12, while it can find support levels at $181.56, $178.91, and $175.28.

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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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