Ethereum price analysis 6 May 2019; bullish rally, ETH hits $189

Ehereum has also tried hard for attaining good position again on the price chart and today the currency is in bulls. The cryptocurrency market is regaining after a long time and some experts believe the crypto winter may be coming to end.

Recovery from any kind of loss is not easy, over the past the prices of cryptocurrencies have declines and the coins have struggled to maintain their momentum. Bitcoin has regained its lost momentum and strived hard to rise again, but not all coins have shown such a good comeback in no time.

Ethereum, on the other hand, has been seeing a good bullish rally for the better part of the last twenty-four hours. The currency has taken a jump of twenty dollars ($20) in the last twelve hours alone.

Ethereum ETH price chart created with Trading View

The four-hour analysis shows that the currency is getting its support levels at one hundred and eighty-seven dollars ($187.12) and one hundred and eighty-nine dollars ($189).

On the other hand, has been struggling since 10th of April when it was being traded at one hundred and eighty-five dollars ($185) to break through it has finally found in May.

Ethereum ETC price chart created with Trading View

The trading of the 1-day chart of Ethereum has revealed that the Ethereum has faced the selling pressure last month and therefore the market was bearish.

Its value had declined by 1.98% and its trading volume was found to be over five and a half billion dollars ($5.7bn), recently, the indicators are showing positive signals as the RSI indicator has pointed out no signs of selling pressure.

But today’s rally has taken the currency back up and the current market cap is found to be over seven and a half billion dollars ($7.7bn) mark.

KO indicator is showing no trend of the surging market in the near future. Parabolic SAR shows totally opposite pattern and is showing the strong positive market for trading.

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Saad B. Murtaza

Written by 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.