Ethereum – the king of altcoins is still consolidating better as compared to Bitcoin, as BTC/USD holds the downside risk. ETH coin has been in the price range of $180 to $190 for quite a long time now after it failed to rise above $192 and $195. However, any breakout below $180 would be dismay for the investors. With this, Ethereum is expected to consolidate and recover better than Bitcoin’s current trading scenario.
Ethereum Price Analysis:
In the above half-hourly intraday movement of ETH/USD on Coinbase, we see multiple movements of the price trend until the time of writing.
- In the very initial trading hours, the price was well below the Kumo (cloud) and Leading Span A.
- However, a single candle break above the Leading Span A and lagging span led to a temporary rise at $187.26 (slightly above the upper band of the cloud).
- Due to the red candle formation, there was a steep break out immediately when the price slipped below all Baseline, Conversion Line, Leading span A, and Leading span B to test support at $182.09.
- Although, towards the end of the day, ETH was able to draw and upward forming trendline above the cloud, lagging span, and conversion line.
Currently, Ethereum is trading with an uptrend as it had a crossover above conversion line and baseline, seeking investments at $187.45, at the time of writing.
To confirm the same, the RSI indicator acts as a complement and shows the half-hourly inclination towards the overbought region around the recent price trend.
With this, ETH coin currently trades in the ‘strong buy’ phase even after trading around the major resistances formed.
