Ethereum Resonates to BTC and Take Bountiful Leaps; Trades Above $170

• Ethereum trades beyond its major support level, giving a sigh of relief to its investors.
• ETH price fall now has a ground and is supported by the short-term moving averages.
• ETH to have a persistent trade above $175, in order to have a benefit of its “recovery mode”.

Ethereum price manifests a slow recovery as it trades above $170 now. BTC price is also hovering beyond $9700 after having a price correction below $9800. Although this was the required push wherein the coins have received an escalating ground to get support from the short-term moving averages and the extremity of the fall gradually becomes gentle. However, the next target for the coin remains around $175 and $180. Wherein ETH price may face a lot of resistance at the even trading figures like $176 and $178.

But once Ethereum is through these price marks, the bullish crossover will be well instigated. While, the current price gain is mitigating the loss of last week’s heavy fall.

ETH to USD Price Chart by TradingView:

The below Ethereum price chart is a data feed from Coinbase as on 2nd August at 07:10 UTC.

Yesterday, at the onset of the last month of the third quarter, price of Ethereum was trading around $173.9. With a moderate volatility the red candles took a steep downward turn to fall below $170 and trade at $168.08. Before the daybreak of 2nd September, ETH price resorted above $170 again and the coin was trading at $172.81. Currently, the coin trades at $171.18 just above $170.

This leads to a downward support near $168 price area. However, as per the Ethereum prediction, if the coin remains persistent above $170 and later above $175, the bullish crossover is ought to take place. The shortest moving average i.e. the 5-day EMA is close to form a strong base but the rest averages still show a solid selling pressure.

Technical Indicators:

The current trading price is notably lower by 3.25%, 3.70% and 28.77% from 10-day EMA, 10-day SMA and 100-day SMA i.e. the respective short-term and long-term moving averages.

The MACD of the Ethereum has risen above the negative array but appears flattish with a bearish crossover as the signal line crosses the MACD line.

The RSI of the coin is above 40, which so no extremities in the oversold or overbought regions.