- ETH coin is trading in the red zone since pre-opening; Recovery doesn’t seem imminent
Cryptocurrencies have again entered the turmoil as, for the last one week, the market recovery has been halted. Ethereum is not anymore, an exception when it comes to the ongoing sluggishness in the market.
Yesterday, the ETH price had opened at $158.67, and from there, it formed a dip below $157. The currency attempted to step into the bullish zone yesterday before it closed. The price went as high as $165.10 and then pulled back.
- The 24-hour high price mark of Ethereum stands at $165.10; lowest price of the day is at $152.64; may dip further
Right now, the coin is in a hassle to start an uptrend but is trading flatly. The coin is testing support near $153 for now. Here, the Bollinger bands are not giving any signals of volatility. Here, the ETH coin is not much away from its lowest price level of the day, i.e., $152.64. Over a day, the coin’s price trend has stepped down drastically.
The technical indicators are also confirming the same. The simple moving averages of the currency has traced a bearish crossover. The 50-day SMA line is on the downside, as shown in the chart. Moreover, the Ethereum price is way below the 200-day EMA line with a substantial gap noting a negative sign.