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Ethereum Price Analysis: ETH Trades Below Major Support Levels, Currently Correcting Up – CryptoNewsZ
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Ethereum Price Analysis: ETH Trades Below Major Support Levels, Currently Correcting Up – CryptoNewsZ

by Raphael PutongAugust 9, 2019
  • 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 Price Chart
Ethereum 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.

Via cryptonewsz.com

About The Author
Raphael Putong