Ethereum Shows No Sign of Recovery, Maintains a Flattish Trend
- 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.
With this ETH price faces the immediate support at $165 and highly required support at $160. The immediate resistance lies at $170 while the 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.
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.
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.
Read more CryptoNewsZ’s Ethereum price prediction to know how the coin performs on a long-term basis.
The RSI remains in between the extremities of the oversold and overbought regions.