Ethereum continues to struggle as the spotlight continues to shift towards Bitcoin. Ethereum price data analysis shows that prices are being crushed by sudden Bitcoin bullish rallies as the queen of cryptocurrency ETH tries to stabilize.
The cryptos price fell by almost seven percent across the last day’s trading session. The price fell from three supports at three hundred dollars ($300), two hundred and ninety-eight dollars ($298) and two hundred and ninety-six dollars ($296), all the way to two hundred and eighty-seven dollars ($287) where it is hovering at the time of writing.
Ethereum remains the third-largest cryptocurrency and has still not managed to gain on XRP although Ethereum is the most traded cryptocurrency in the world after Tether.
Since last week the Ethereum price rose above two hundred and eighty dollars ($280) and above the three hundred dollars ($300) mark. It went all the way to three hundred and sixteen dollars ($316) mark but failed to establish secure supports above the mark and the price fell back below three hundred dollars ($300) mark.
The closest points of resistance are at three hundred dollars ($300) and three hundred and fifteen dollars ($315) and further beyond that at three hundred and thirty-four dollars ($334) than at three hundred and fifty dollars ($350).
While the current support lies at two hundred and seventy-nine dollars ($279) and then further below at two hundred and seventy dollars ($271) and then at two hundred and forty dollars ($240) that is also where the 100-day estimated moving average’s support lies.
Moreover, the trading volume has been very low over the last ten days and has not shown any signs of rising.
While the stochastic relative strength index (RSI) has formed a bullish crossover signal however, it is not clear and we have to wait for it to expand.
Regardless all factors point towards the crypto heading downwards once again including the RSI which fell below 50 to show that the bears are ruling the market.
Ethereum price is in a greater struggle against Bitcoin (BTC) as their price action diverges as if Bitcoin is trying to shake off Ethereum as extra weight.
The RSI is bearish as the sellers are in control and the trade volume continues to decline.