Ethereum ranks second in the crypto industry by market capitalization but in the past 24 hours there has been a steady price decline marginally at a rate of 1.08%. Ethereum is currently trading at $210.53 and it appears that market influencers are trying hard to bring the price down to $200.
There is enough bearish pressure peaking above the line and the bears have been in control for most of September 2019. Initial resistance is near $224.8, and support lies are closer to the $174.4 level. A big break is highly unlikely as, according to most experts, altseason is here to stay. Ripple and other altcoins have been correcting upwards and gaining market capitalization and this could be a reason for the downward correction in Ethereum prices.
ETH/USD is currently trading at the $210 price level and is supported by the SMA200 after a first attempt to beat the SMA100. The situation between the price correction has led to an increase in volatility in the coming days. Above the current price, the first resistance level is at $215, then the second at $225 and the third one at $230. Below the current price, the first support level is at $205, then the second at $200.
Though the MACD on the daily ETH/USD chart retains its bullish potential, the altcoin has lost most of its optimistic supporters. The predictions are positive in the short term since the bulls currently retain leadership even though they have lost some technical strength. The bears, however, are still far from threatening the bulls level.
Crypto experts believe that ETH will revisit its trendline before climbing to $230. There is also a psychologically important support at $210; below that there could be a drop to the $190 level. If Ethereum doesn’t bounce back, it may hit the low $190 level today. In the coming week, Ethereum’s price action will make the direction of the price correction clear. For the time being, it appears that Ethereum is on the brink of a revival.
– This article was originally posted at CryptoTraderNews
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