Ethereum (ETH) Reflects Recovery as it Trades Above $158

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Ethereum (ETH) News

Ethereum price movement is reflecting a slight improvement in the momentum. The coin is now trading at $159 after having dipped at $153 yesterday. The recovery in the ETH coin has already started, and in the upcoming hours, its immediate resistance level at $167 would be seen violating. Once the resistance is crossed, then the upcoming days could be better for the traders.

Ethereum Price Analysis

Ethereum (ETH) Price News

Ethereum price chart is exhibiting a heavy change in the price. The coin started dealing at $170 at 00:00 UTC, and in the next 3 hours, it touched $168. Then, there was a sudden steep plunge observed that brought the ETH price to $160 at 03:55 UTC. After this steep fall, the price improved to $163 by 2.08% hike, but couldn’t hold itself for long and dropped to $157 by 3.95%.

Later, the price locked around the same level till 14:06 UTC, and then, Ethereum price plunged to $153 by 3.40% fall at 15:34 UTC. The currency closed the day at $159 price mark with an intraday regression of 6.92%. Today, ETH coin started trading with an improvement. The price counters moved from $158 to $160 by 1.36% hike. Then, the coin locked its price around the same level till 06:55 UTC. Recently, the price slipped marginally to $159.

Technical Indicators                             

The 20-day MA and 50-day MA of Ethereum are at $158.90 & $158.93, respectively. Both the moving averages are below the current price. The same indicates that the ETH price might reflect a recovery in the impending hours, and the traders might be seen the anticipated resistance breach.

The MACD indicator shows that the MACD line just crossed the Signal line and formed a bullish crossover.

As per the current momentum, the chances of escalating to the immediate resistance level at $167 are relatively more than slipping to the immediate support level at $151.

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