Ethereum Price Analysis: Ethereum Struggles to Recover


 ETHUSD Chart

 

As the sentiment in the whole Cryptocurrency is weak at least in a short term, Ethereum couldn't scale above the moving averages. Both the 50-day EMA and 20-day EMA make it hard for ETH/USD to advance. Moreover, Ethereum lost the battle with moving averages and breaks down the uptrend line 1 and $190 level. It's a 61.8% Fibonacci level of the rally from $80 to $363.

The price has tested and rebounded from the main uptrend line, it's the main and only major support for Ethereum, but if that support also breaks down, the fall can extend to $150 level.

RSI confirms the weakness of the bulls. The trend line 1 and the 20-day EMA are at the same level,therefore, traders should expect  strong resistance from them.

Traders should be on the sideline at the moment until a clear buy setup appears.


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