- Ethereum price succumbs to the selling pressure raging through the entire crypto market.
- The stacks of resistance and support hint a sideways trading action above $180 and with the upside capped at $190.
Bloodshed is at its peak across the cryptocurrency market especially among the major digital assets. Ethereum is in the middle of the losses after succumbing to the bear pressure. The cryptoasset opened the session at $194.87 on Thursday. Increased selling activities saw ETH/USD tank to intraday lows of $184.32. The price is hovering at $183 at the time of writing while the trend is bearish and the volatility low.
Ethereum price technical picture
It is apparent that the declines will take center stage in the current and incoming sessions. The RSI, is almost breaching its way into the oversold after recovery in the last two days lost steam above 40. Selling pressure is also emphasized by the MACD, currently at -7.95. The drop from +5.74 shows the magnitude of the losses Ethereum price has suffered this week. For, now the path of least resistance will remain to the downside.
A ranging trading action is expected in the coming sessions especially due to the stacks of support and resistance zones. To come out of the acute bear pressure, the price must clear the hurdle at $190 highlighted by the previous 15-mins high and the Bollinger band 4-hour upper curve. Additional movement towards $200 will face more resistance at $192 and $196. As far as support is concerned, $182 is the initial support as shown by the SMA 100 one-day and the previous low one-day. Second support is observed at $180 using the SMA 200 one-day and the previous month low while $168.54 is a major support level.
ETH/USD 4-hour chart
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The stacks of resistance and support hint a sideways trading action above $180 and with […]