Ethereum Price Analysis: ETH Trades Below Major Support Levels, Currently Correcting Up – CryptoNewsZ
- Ethereum recently knocked the bottom at $207, correcting up from there
- ETH has traced a steady bearish price path since today morning, broken below major support prices
ETH is steadily shedding its valuation against the U.S.Dollar since today morning. The coin even had a close near $207. Meanwhile, Bitcoin has declined from its price above $11800, to near $11700.
Yesterday, Ethereum opened with its price above $225 and within a day, the price scenario has changed drastically. Till 16:00 UTC yesterday, ETH was fairly above $220 and with an extended fall, the coin dipped near $215 at 18:06 UTC. Before nearing the end of the day, ETH managed to rebound above $221 yesterday.
However, today’s price trend had been quite disappointing for the coin as it heavily dropped to $207 breaking major support levels near $215 and $218.
The coin has started an upward correction from there and is at $211.19 at 11:37:21 UTC.
ETH/USD Price Chart
Ethereum’s current price is 13.95% lower than its 100-day SMA of $245.43. The coin is carrying a strong bearish pressure at the moment.
Ethereum Price Prediction & Technical Indicators:
MACD for the coin is in bullish zone and it also had a bullish crossover. RSI for the coin is indicating overbought sentiment currently. Ethereum may see resistance at $226.3 and support level at $211.16.