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Ethereum(ETH) Price Analysis : Is There beacon of hope?

  • The price of Ethereum is increased today by 2.24% and is trading at $172.98 against the United state dollar.
  • The moving averages of 20-day and 50-day indicating sell and the currency is able to break out.
  • Support areas are found at $170, $165.06 and $160.
  • Resistance areas are found at $173.50, $174.07 and $ 177.22.

Current Status of Ethereum (ETH): Ethereum is currently trading at the value of $172.47 and its value is increasing by 0.91%. The market capitalization of the currency is $18,707,468,198 and the 24-hour volume of the currency is $7,158,803,681. The circulating supply of the currency is 107,953,283 ETH and the ROI of the currency is 6,019.90%.

Yesterday has been tough for the currency as it been through a lot of ups and downs in the market. The value reached the low value of $167.00 at 21:00 UTC, however, the currency recovered the value and achieve the value of $169.56. On the other hand, the currency also traded at the high value of $175.43 at 15:39 UTC but it doesn’t stay there for long and value soon started decreasing and reach up to the $167. The currency is continuously under bearish pressure this week, it starts the week with the high value of $200 but the currency started trading under bearish pressure.

Technical Analysis of the ETH/USD: ETH is under the bearish pressure, even the value is showing an increase. On the other hand, both the moving averages of 20-day and 50-day is in sell signal and the currency is able to break out. The MACD is also in the red zone and the RSI is moving towards 70 levels. The 38.2% Fibonacci retracement for 4 weeks is $180.5001 low and $197.10 high. It is also under the selling signal. All these technical indicators are still showing a bearish signal. The main resistance levels of the currency are $173.50, $174.07 and the value of $177.22. The main supports levels of the currency are $170, $165.06 and $160.

If bulls get the upper hand the currency’s value break out the resistance of $177 then it will go for the value of $185 and if the currency’s value gets under the bearish pressure then it could reach up to the value of $150.

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About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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