Price Analysis

Ethereum Gains Over 10% in Past 24-hours, But Volatility Remains Glued

  • Ethereum trades at $146, after having tested the supports near $130
  • Although ETH coin is currently in its price correction phase, the volatility is still intact
  • The price holds no support from the moving averages around the current price area and has a dense selling pressure
  • Ethereum currently trades above 78.60% Fib Retracement

Though Ethereum price has been correcting upwards at present, the downtrend and volatility are still intact and inherent until a persistent trade takes place. After having regained the momentum, a determinant upward momentum and active supports will only help the price to soar. Bitcoin has also notably traded above $7,300, which has elevated the whole market to be a gainer today.

Ethereum Price Analysis

ETH Price Chart By TradingView

Analyzing the weeklong movement of ETH/USD on the exchange of Coinbase, we see that the coin has a downward stride. However, since yesterday the market is quite a gainer, wherein the price of Ethereum has soared by 10% from the lowest in the said time frame. The selling pressure is intact, and so is the inactiveness of the support levels except the short-term moving averages after having hit $147–where lies the 50-day SMA.

The currency was trading above 61.80% Fib Retracement while it was marked at $147, and currently it is slightly below it and above 78.60%.

The MACD of Ethereum is above zero, unlike the major coins, but holds a bearish outlook after having a mere slide down from $147.

The RSI of the ETH coin is at 48.89 and portrays no extremities at present.


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.

Related Articles

Back to top button