- The price of Ethereum is still trading in a tight range
- The coin is in a sideways move between the $160 and $200 demand zones
- The bearish run continues as the bears break 200 demand zone and approach the low of $160
Ethereum ( ETH) Current Statistics
The current price: $170
Market Capitalization: $18,355,213,419
Trading Volume: $5,780,921,517
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100
Since July, the bulls tested the $320 supply zone, and ETH price commenced its downward move. The market is likely to continue its downward fall because the bears broke the $180 and $200 demand zones. After its initial fall at the $200 demand zone, the bulls defended the demand zone and made an upward move to retest the $240 price zone.
This resulted in the bears breaking the $200 and $180 support zones. As the bears broke the $180 demand zone, there is the likelihood that the downtrend will continue with little or no resistance. On the downside, in case the cryptocurrency continues its downward movement, it might revisit the previous lows of $140 and $160 demand zones.
ETH Technical Indicators Reading
The blue line and the red line exponential moving averages were in an upward movement when the market reached its peak price of $360. On July 12, the blue line EMA crossed below red line EMA which gives us the signal to initiate short trades. If traders had begun short trades in July, they would have been in profits. The EMAs are acting as resistance as the price continues its fall.
The RSI period 14 level 31 indicates that ETH price is approaching the oversold region where buyers are likely to come into the market. Besides, the coin is expected to depreciate, if the lower trend line is broken.
It is likely for the price of Ethereum to continue its fall because the bulls failed to hold on to the $180 and $200 demand zones. A breakdown at the lower trend line is expected, which will in effect cause depreciation to the coin. Conversely, if buyers emerge at the oversold region and break the bearish trend line, and the candlestick is closed above it; ETH price is likely to resume its uptrend.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.