Ethereum has been through a price correction of 3.52% over the last 24 hours, and its value has fallen from $158 to $153. This bearish trend may stretch in the short-term with a few unprecedented price swings.
Ethereum Price Analysis
Over the last week, ETH coin has managed a volatile journey. It opened at $144, and through a gradual gaining trend, it neared $175. For the last three days, it has been moving through a downside correction.
Ethereum price was at $158.69 on the starting of April 12, and in the next 17 hours, it was up by 4.18% and touched $165.32, the highest point of the day. Then, the currency started trading downwards and marked a 2.83% correction that cost it $4 by 22:26 UTC. The last major swing for the ETH coin price occurred between 23:09 and 00:35 UTC. In these twelve and a half hours, Ethereum lost another 7.69% value and got confined to $149.85.
However, at the time of writing this analysis, the price of Ethereum was trading at $153.1. And the currency holds the support from 20-day MA at $153.08. The RSI of ETH is now around 48.55 points. As per the current trend, the price may drop further and find the support point at $148.6. However, if it manages to trade upwards, Ethereum may cross its 50-day MA $153.29 and test a $156 price level. There may be a few surprising ups and downs in the short-term.