Today, the crypto market is seen having amazing traction as Bitcoin hits a 2-month resistance above $9k and even above $9.2k with a notable growth of over 18% in a brief period of 24 hours. This has, undoubtedly, pumped a winning streak for the altcoins as well. The king of altcoins—Ethereum grew from yesterday’s opening price of $197.30 to the high at $227.53, marking a progression of 15%, just before the unanticipated fall.
Ethereum Price Analysis
On a half-hourly chart, ETH/USD experienced a volatile day today, until the time of writing against the US Dollar. The price of Ethereum dipped to $210.70 and slipped steeply below 38.20% Fib Retracement level from breaching above upper 20-day Bollinger Band.
Nonetheless, in the current trading hours, BTC also corrected below $9k after a brief height, but we believe that this is just a volatile hit, and it is likely to rebound soon.
Technical Indicators:
The technicals are also drawing a bearish picture as the signal line crosses above the MACD line after the price of ETH coin slipped to $210, and the RSI lies at 39.56 after hitting the oversold region at 30.
