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Price analysis of Ethereum: the decline in Eth / USD could retest the key support of $ 115

  • The cryptocurrency market exceeds stability, dumping $ 5 billion.
  • Ethereum reduces the gains of a week while it is inside a resistance range.

The stability of the cryptocurrency market in the last week was ousted following yesterday's selloff. The cryptocurrencies have been corrected further down with most of the lower levels of support. Furthermore, the market capitalization has brought out more than $ 5 billion. The assets are currently trying to reverse the trend, but the market is still painted in red.

Ethereum, on the other hand, was not spared from sales pressure. It reversed the bullish momentum that was making progress above $ 125. In addition, Ethereum was extended for more than two weeks with a hike limit of $ 130 and a lower limit to the life support of $ 115.

Towards the end of last week, Ethereum traced the 50-day Simple Moving Average (SMA) and the 100-day SMA. As he headed for the key resistance at $ 130, he reached a maximum of $ 128.45 before the bears took charge of sending the crypt below the rising trendline with support for $ 12.59. . The decline was unstoppable at $ 120 and tested $ 115 before a rebound occurred.

Ethereum is trading at $ 117.80, while an ongoing uptrend will likely bring the price to $ 120. The bulls have their eyes fixed on $ 125, but the key resistance at $ 130 will open the way for a further recoil to $ 140. (broken support). The Relative Strength Index (RSI) on the same chart has withdrawn from the oversold point and is in an upward trajectory to confirm the rising bullish pressure. However, the Moving Average Divergence Convergence (MACD) is still horizontal at -1.22 to show that bears still have price influence.

Chart 60 minutes ETH / USD

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