Ethereum price data analysis reveals that ETH price trends are in desperate need to find support. The crypto market appears to be in a state of emergency as Bitcoin (BTC) the leading cryptocurrency is barely managing to hang on above the $10,000 mark. Other cryptocurrencies followed suit and the entire ecosystem took a huge blow at its market cap.
However, it is not Bitcoin that has received the worst end of the deal as Ethereum crashed by more than forty percent (40%) against the US dollar and is also struggling against BTC. The cryptocurrency is trading at two hundred and thirty-three dollars ($233.81) at the time of writing and the price is showing no signs to start a reversal.
Ethereum price chart by Trading View
Ethereum has also shattered the two-year-long support on is BTC trading pair at 0.025 BTC. New predicted support lies at 0.022 BTC, however, the pattern on the monthly charts makes it unlikely that the price action will begin a reversal now.
Observing the daily charts, we can see a similar support line forming on the exact 0.021874 BTC point that closes up today’s candle.
The trading volume is higher than it was the day before as the buyers now appear to be resisting above the line. A closure above 0.0218 BTC will indicate that the buyers are building momentum.
As we delve deeper into the charts, we observe that the shorter-term charts are becoming more and more positive. The four-hour chart shows a bullish cross but not enough to allow us to conclude a reversal or a supporting line.
The RSI is slowly diverging while the histogram is starting to reverse. The moving averages are slowing down and if the pattern continues they will turn bullish. However, it is not set in stone yet as the price action has not yet closed. A closure above the key point will be the first indicator for the buyers to start pushing.
The Ethereum blockchain is under serious indirect attacks by Binance as the platform continues to block the tokens on this blockchain from accessing its platform. The tokens are forced to migrate to Binance‘s blockchain in order to gain access to a platform. This has caused several crypto tokens to switch ships till date.
