Ethereum price data analysis: ETH price recovering after correction

Ethereum price data analysis: ETH price recovering after correction

Ethereum price data analysis reveals that the queen of cryptocurrency Ethereum has been suffering for the past five days and came to the month-to-date low point of one hundred and ninety-two dollars ($192) mark.

While the Ethereum price has seen a significant drop in prices in the past twenty-four hours, the cryptocurrency is finally finding corrective support above two hundred dollars at two hundred and seventeen dollars ($217) mark.

Ethereum price data analysis: ETH price recovering after correction 1Ethereum price chart by Trading View

Ethereum prices started falling on the 14th of July 2019, when the cryptocurrency was trading as high as two hundred and seventy dollars ($270).

On the other hand, ETH price is facing immense correction about the two hundred and ten dollars ($210) mark with a fifty percent (50%) Fib retracement level after the decline to the one hundred and ninety-two dollars ($192) mark.

The current point is crucial since the ETH price is facing even stronger resistance to breaking past the two hundred and eighteen dollars ($218) mark, while the two hundred and twenty-five dollars ($225) is the next major resistance level the cryptocurrency is currently facing.

On the other hand, the hundred-hour simple moving average (SMA) also confirms a strong resistance at the two hundred and twenty-five dollars ($225) mark.

eth-price-chart-18-july

Ethereum price data analysis also reveals that main hurdles would end if the ETH/USD duo prices carry on to the two hundred and thirty-five dollars ($335) mark and break past the resistance there.

If the ETH price manages to hold on to the current prices and slowly move past the two hundred and fifty dollars ($250) mark, the cryptocurrency would be able to attain a bullish trending and a push towards the three hundred dollars mark ($300).

However, if the price fails to break past the resistance levels soon, it is very likely that the ETH prices may drop back under the two hundred dollars ($200) mark as seen recently.

Ethereum price data analysis: ETH price recovering after correction
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