Ethereum price has been jacked up by a whopping 19.37% over the last week, and its value has neared $170 all the way from $141. However, despite this tremendous hike, over the last two days, ETH trades with moderate bearish hold. And hence it may soon reflect downside correction.
Ethereum Price Analysis
ETH/USD was at $141.03 on March 03, and over the next four days, it got a massive hike of almost 25% that took the price to $175.51. After hitting this mark, ETH coin started reflecting slight bearish movement, and on April 07, its value contracted by 8% and got slackened to $161.47. However, it managed to raise its head again by April 09 with a 5.86% gain. This swing took the price of Ethereum from $161 to $171. However, the overall momentum is a downward one, and soon, the coin may correct down towards its crucial support $158.
Ethereum’s current value is lagging behind its 20 days MA and 50 days MA by 0.24% and 0.70%, respectively. Its RSI has not improved significantly over the days. It is still at 43.15 points. As per the technical indicators, ETH coin may not reflect any improvement soon.