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ETH price analysis; bearish trend taking over market again

eth finding new resistance level

Ethereum (ETH) is facing the lowest trading price since the start of 2019. Ethereum has experienced a total six percent (6%) loss over the course of twenty-four hours and its current trading price is one hundred and sixty-five dollars ($165.18).

The price decrease is mostly because of ethereum against bitcoin decreasing lower and hitting the support mark of 0.030 bitcoin.

Even though the market momentum is decreased and the prices are falling ethereum is still not doing as bad as it some past days ago and it is currently twenty percent (20%) up over the past thirty (30) days and over forty percent (40%) up over the past ninety days (90) against the US dollar.

ETH price analysis; bearish trend taking over market again 1via Trading View

As of now, Ethereum is standing at the support level of one hundred and sixty-five dollars ($165.18). Since the month of April Ethereum has a symmetrical triangle formation on the charts. The current price decline has caused the ethereum against the US dollar to decline even further.

From above, The closest resistance level is one hundred and seventy dollars ($170). More than that stand at a hundred and eighty-five ($185), a hundred and ninety-four ($194) and two hundred ($200).

The closest resistance level stood at a hundred and sixty dollars ($160). Other than that the level stands near a hundred and fifty dollars ($150), a hundred and forty-four dollars ($144) and a hundred and thirty-four dollars ($134).

The current trading volumes suggest that market momentum is very low. Looking at the Ethereum against Bitcoin from above, the closest resistance levels lie at 0.031 BTC and 0.0325 BTC. Whereas, from below, the closest resistance levels lie at 0.02920 BTC.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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