ETH Stalls Below The $180 Showing Signs That The Bears Are Back

ETH stalls below the $180 price point reaching a small decline of about 1 percent over the past 24 hours and going to a price to $177. In today’s ethereum news, we can see that the cryptocurrency struggled to break above $187.84 which caused the market to fall. Despite the recent price drop, Ethereum started to increase higher than the previous 6 percent over the past 7 days.

Ethereum is still the second-largest cryptocurrency with a market cap of $19.27 billion. Since the previous ETH/USD analysis, the cryptocurrency continued to break the trend above the resistance at $176 and climbed even higher to meet the resistance at $187.84. ETH has since managed to roll over and rest at the support around $176. Looking at the price from above, the nearest level of resistance lies at $180 and $187.84. Above this, the higher resistance lies at $193.66 and $200. If the bulls manage to push the price above $200, the resistance will be expected at $202 and $210. From below, it seems like the nearest level of support lies at $176 and below this, the support can be found at $172, $170, $165. If the sellers break the $160, the support will be located at $158 and $152. The trading volume has started to increase at the end of the previous month. The RSI is now beneath the 50 levels as it is trying to break above which could mean that the bulls are back in control over the market momentum. Currently, ETH stalls over the aforementioned price levels and we need to check the BTC correlation.

Against BTC, ETH broke above the 100-days EMA but didn’t really manage to make any progress above 0.02183 BTC. Ethereum is now trading back below the 100-days EMA with an attempt to break above. If the bulls manage to climb above the 100-days EMA, the higher resistance will lie at 0.0218 BTC. Above this, the resistance is expected at 0.02232 BTC. The nearest level of support on the lower side lies at 0.021 BTC and beneath this, another support can be found at 0.02042 BTC. The trading volume still remains low and beneath the average level as per the latest analysis in the crypto news.

The RSI is above 50 which shows that the bulls are getting back in control over the market momentum and to break above the 100-days EMA we would need to see the RSI going higher to show that the bulls are really increasing in momentum.