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Ethereum Price Analysis: ETH Bears Enter the Market

While the whole  crypto market ignited last week, it has failed to keep the same momentum this week. Despite numerous triggers, including today’s FED announcement for a $2 trillion bailout, the market is still stalled. One of the top coins that set market trends is Ethereum. Today, its failure to react has seen it and the rest of the market slip in the red zone. Currently, Ethereum is down by nearly -1.03%.

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At the time of writing, Ethereum  (ETH) has lost nearly 2% of its value on the cryptocurrency market. The 2nd largest coin with the market value of $15,043,861,245 USD  sloped down below and is now trading at $136.45. Currently, the circulating of the coin is 110,254,605, ETH with a 24-hour volume of $11,647,942,718 USD.

Technical Analysis

Ethereum is struggling to gain bullish momentum above the $142 and $144 resistances against the US Dollar. ETH price could start a major decline if it breaks the $135 support.

The 50% Fib retracement level of the upward move from the $120 swing low to $144 high is also acting as a decent support for the bulls. Besides, there is a major bullish trend line forming with support near $135 on the hourly chart of ETH/USD.

Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently struggling to stay above the 50 level.

What do you think of the ETH Price? Will it have a bullish trend in the upcoming days? Let us know on Facebook and Twitter.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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