- Ethereum enfeebles and trades below $175 after failing to persistently settle beyond $180.
- ETH price currently trades around $174 after having breached $180 once in the past 24 hours.
- The steep break at the end of the downtrend took the coin to trade around $175.
- On the contrary, BTC/USD still trades around $10,550, though having fallen from $10,800 price range.
Ethereum price is battling to hold above $177 and $180 as it has now even weakened below $175. ETH price is now under solid selling pressure wherein the price can further break below $170 or otherwise.
ETH/USD Price Analysis:
The previous week’s crypto market crash seems to have a lingering effect of Ethereum and XRP price while BTC has been consolidating with a few pullbacks. And as an impact, ETH price has slid even below $175 after having a downward correction at $180. The price has also declined below the 10-day EMA and 5-day SMA.
The recent fall is making it difficult for the coin to trade well with a strong bearish power. As observed in the below 24-hour chart (data feed from Coinbase), ETH is trading at $174.69 at the time of penning down (09:15 UTC). Yesterday, the coin had quite a moderate volatility pass by as the price of Ethereum kept oscillating.
However, just before the onset of the day i.e. 5th September, Ethereum had a steep fall and started off around $175 price area.
Ether (ETH) being the most powerful altcoin is unable to rightly resonate the price momentum and trend of BTC which is well above its key resistance from past 4 days now. Important to note that this has served as a limit for the coin’s market cap as well.
The current price trend and candle formation seems to have a falling move. But $172 happens to be the major support, below which the coin can further break $170 as well. The rest of the day seems to be pale as the current momentum is gaining an appreciation in the bearish zone only.
Ethereum Technical Indicators:
The RSI of ETH/USD is around 50 accompanied by moderate volatility.
The MACD remains under the bearish zone below zero with a negative array.
The current trading price is notably lower by 8.41% and 13.61% from its respective 30-day SMA and 50-day EMA.