Ethereum price analysis reveals that ETH action was under heavy fluctuation across the past few days but now it seems like the price has stabilized comparatively.
Even so, the price has declined by around three percent (3%) and is trading at two hundred and sixteen dollars ($216) at the time of writing. Regardless, it is better than the huge drop the price suffered as it fell from three hundred dollars ($300) to where it currently hovers.
Despite struggling recently Ethereum still remains the second-largest cryptocurrency as the market cap is twenty-three point seven-two billion dollars ($23,720,000,000).
On the daily charts, the cryptocurrency’s price action has had little movement as Ethereum faces strong resistance at two hundred and twenty dollars ($220). This resistance is also reinforced by the 200-period estimated moving average (EMA) as well as the 61.8% Fibonacci (Fib) retracement level.
If the price breaks through the resistance at two hundred and twenty dollars ($220) the price will be able to go as high as two hundred and forty dollars ($240) before meeting resistance.
The resistance at two hundred and forty dollars ($240) is reinforced by the 100-period estimated moving average. Further resistance can be located at two hundred and fifty dollars ($250), two hundred and fifty-four dollars ($254), two hundred and ninety dollars ($280) and then at three hundred dollars ($300).
On the other hand, if the price crashes below the support of two hundred and twenty dollars ($220) next support lies around two hundred and two dollars ($202) and two hundred dollars ($200). Further below support can be located at one hundred and ninety-three dollars ($193), one hundred and seventy-eight dollars ($178) and one hundred and sixty-five dollars ($165).
During the week the trading volume has remained consistently low, unlike last week. It may indicate that the selling momentum is declining and buyers may soon breakthrough.
The Relative Strength Index (RSI) remains bearish showing that sellers still have more momentum than the buyers.
The Ethereum price has also begun stabilizing against Bitcoin (BTC) and is currently trading at 0.021 BTC. This level has provided very strong support during the past week but may break if sellers continue to push.
Currently, the resistance lies at 0.02134 BTC and further above at 0.02192 BTC, 0.022 BTC and at 0.02295 BTC.
On the other hand, the support lies at 0.021 BTC and further below at 0.0204 BTC and at 0.020 BTC. The trading volume for the pair has decreased and price action may turn bearish soon.