Despite the Bitcoin rally and positive momentum in the market overall, the price of Ethereum remains steady. The coin showed some positive growth on Friday when the value jumped from $458.69 to $472.36. However the gains have been shed as the price returned to $464 and currently looks to be headed towards a downward decline.
For the past week or so, the price of ETH/USD pair has fluctuated between the $460 and $480 zones. The bulls made many attempts to settle the price above the $490-$500 resistance zone. The selling pressures kicked in on every occasion and the price remained in a bearish zone below $490. The last upward swing was $472.21 from where the price corrected to the current level.
If we look at the 20 day MA chart, ETH broke the 50% fib retracement level of the last wave that took place from the $446 low to $478 high. There has been strong support for the coin at $460 level which shows the path of the least resistance is to upward at the current level. Further support is present near the $450 level.
On the other hand, we have traced two bearish trend lines that show a descending pattern. The chart shows resistance near the $472 price with strong selling pressure as the ETH/USD pair starts to get close to $490.
We believe that a break above these trend lines and a close over $480 is important for the coin to break past the bearish hold.
We provide the latest and most interesting news concerning everything Blockchain. Keep updated with our daily Podcast, Alexa Briefings of the days events, Crypto project ama´s, technical analysis and much much more. Subscribe to our newsletter and receive regular updates in the blockchain world.
URL:
https://blockverge.com/iTunes:
https://itunes.apple.com/gb/podcast/blockverge/id1412402400RSS Feed:
http://feeds.feedburner.com/Blockverge
