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Ethereum Price Analysis: Recent Bearish Movement Brings a Hazard of Major Crash

  • The Price of Ethereum is struggling to surge after its recent bearish trend, ETH bulls eyeing the $200 mark.
  • Ethereum is trading at the value of $186.6 against the US Dollar and its price declined by -1.22% in 24 hours.
  • Support for ETH/USD pair found at $176, $170, and $147.
  • Resistance for ETH/USD pair found at $191.5874 and $201.5749.

Ethereum is fighting on the line after its recent Bearish trend, after a long-continued Bullish trend previous month. Ethereum which is globally designated at #2 in the cryptocurrency market is trying to pull itself back to the $200 mark.

Ethereum followed a drop of 22% with Bitcoin as seen on September 24th, which recorded Ethereum’s plummet to $153.46 which was the lowest of this month, but due to change in the global cryptocurrency market, the Altcoin Ethereum has managed to climb back and has maintained a steady position at $184.11. But the market trend has shown a prediction that Ethereum might face more Bearish trend which will bring down Ethereum from its current price.

Experts on this market have made some predictions on how Ethereum might react to the upcoming days, they have studied the 12-hour chart and the 1-hour chart to make a near perfection prognosis.

From the report, the 12-hour chart showcased Ethereum under steady climb with the continued Bull trend until 24th September. The Bullish trend showed Higher ranking where Ethereum could touch and continue the Bullish trend, however, it also showcased the scenes of a Bearish setback on Ethereum’s growth, in case of this setback the fall base of support level was placed at $173.78, followed by the next lower support at $167.88. This drop was justified when the Ethereum’s trade volume of 24 hours also plummeted down giving more assurance of the Bearish run. Ethereum might have continued the Bullish trend however due to the shift in the course of selling pressure with its Investors leaving the trade might have Infused the Bearish trend.

Observing the 1- Day chart, it is long-established that Ethereum will face the Bearish course in a few days after its smaller significant growth. On the 18th of April this year Ethereum witnessed a Gold Cross which took Ethereum to a whopping value of $335.4, however, Ethereum underwent a serious death cross which might be fatal enough to kick Ethereum to the lower values than the recent resistance levels.

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About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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