Price Analysis

Ethereum Shows No Sign of Recovery, Maintains a Flattish Trend

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  • Ethereum price corrected from the lowest of the past 24-hours, although remains below $170. 
  • ETH finds no support from the moving averages. 
  • MACD remains above zero but portrays a bearish crossover.
  • Today the coin has remained almost flat until the time of writing. 

Ethereum seems to have a weakening trend, as per the position it holds in the crypto market. In the past 24 hours ETH price has dipped as low as $163.70. This price pullback has almost not left any coin untouched. 

This Ethereum price fall has even tested the support level near $170. Although currently it is having a moderately better trading zone which is neither beyond $170 and nor below $165.

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With this ETH price faces the immediate support at $165 and highly required support at $160. Similarly, the immediate resistance lies at $170 while resistance area is around $175.

ETH to USD Price Chart by TradingView:

The below Ethereum price chart is a data feed from Coinbase as on 0th August at 11:38 UTC.

Ethereum (ETH) Price
ETH Price Chart by TradingView

Yesterday the coin was trading around $173.43. on the same day in few hours the ETH price slid by 5.61% and was trading at $163.70. Within some time price of Ethereum tried consolidating its spills and again rose beyond $170 at $171.15. Unable to hold it kept swinging and is currently trading at $169.72. 

Technical Indicators:

Although the technical picture of Ethereum might appear a little better but there has not been a bountiful recovery. This can be rightly objected as MACD is in the positive array above zero but with a bearish sentiment as the signal line crosses the MACD line.

The RSI remains in between the extremities of the oversold and overbought regions.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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