Tue, November 12

Ethereum (ETH) Price Tests Key Support Levels Amid Bears Dominance

Ethereum (ETH) Price Tests Key Support Levels Amid Bears Dominance Editors News
  • The price seems to be slipping gradually after some period of consolidation.
  • If the price manages to close over $1,700, we may see a solid uptick in the near future.

Most cryptocurrencies are still trading in the red, indicating that the bears are still in control. Bitcoin and Ether prices seem to be indicating a further fall. The price seems to be slipping gradually after some period of consolidation.

After failing to break over $1700 on August 18, the ETH price has continued its downward trend. Ethereum’s quick decline caused it to go below $1644, which has been acting as support recently. According to CMC, the price of ETH is now trading at $1,644, down 1.27% with an uptick in trading volume by 70% in the last 24 hours.

Struggle Continues for ETH

The primary hurdle is still around the $1,700 level. If the price manages to close over this resistance level, we may see a solid uptick in the near future. The next significant barrier would be around $1,750. Ethereum’s price may drop again if it is unable to break above the $1,675 barrier level. The area around $1,600 should provide initial support.

Source: CoinMarketCap

On the downside, the region around $1,580 represents the first significant support. Additional losses are possible if the ETH price drops below $1,580. The next key support level is $1,550. In the event of further declines, the price might approach the $1,520 mark or potentially drop below the $1,500 level.

Moreover, the relative strength index (RSI) on a daily time frame indicates that the price of ETH is in oversold territory (below 30). The price falling into the oversold area is not always followed by a reversal. Even more precipitous falls are possible while still within the oversold region.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.