Ethereum continues to break downwards and is recording fresh declines day after day, after having a rapid slip below $180. The trend after having hit $173 has been quite a downward race. The king of the cryptocurrencies–Bitcoin also hit the fresh low below $8,000, despairing the crypto lovers and investors.
Ethereum Price Analysis
Analyzing the 5-day hourly movement of ETH coin, we see that the price trend of the currency has had enough downward breakouts below the lower Bollinger Band.
While it had hit the upper Bollinger Band in the said time, it was mounting above $180 at $185.78, after which the coin has been on the downslide without having any grounded support from the short-term moving averages.
The trend after the highest in 5 days was quite despairing as the coin rapidly plunged below $180, $175, and now $170. A further rapid bearish trend would let the Ethereum price get support at $165 followed by $160.
The immediate opening of the Bollinger Bands seems to be massively wide, which is likely to invite volatility with a destructing market figure. The majority of the red candle formation in the trend also points towards the despair under which ETH coin is trading in the global crypto market.
The MACD of the coin slipped below zero just when the price hit the utter bottom at $169 and can even eye below with a complete bearish outlook.
The RSI of Ethereum is at 23.93, which exhibits the selling pressure under which the security is currently trading and has shifted to the oversold region.
