Ethereum [ETH] has been struggling to get hold of the recently touched $600 desire multiple attempts for an upside break. The largest altcoin by market cap was at a risk of more downsides correction against the US Dollar in the coming days.
Ethereum [ETH] slid by 2.60% over the last 24-hours pushing the price of the coin to $562.2. At the time of writing, the cryptocurrency recorded a market cap of $63.5 billion and a 24-hour trading volume of $17,51 billion.
As it reaches a crucial piece level, will the buyers rebound and start to push the coin’s value higher?
Ethereum [ETH] Daily Chart:
The moving average aligned below the Ethereum price candles supporting the coin’s value from a further downside correction.
Despite the market-wide correction which triggered a significant fall, the DMAs did not exhibit signs of bearish pressure as the positive trend continued. The 50 DMA [Pink] continued to hover above the 100 DMA [Blue] and 200 DMA [Yellow]. The DMAs formed support points at $485.45, $425.9, and $359.5 respectively.
Bears Determined To Lead The ETH Market
Ethereum was at a pivotal level. However, the technicals exhibited that the bears have an upper hand. The MACD, for instance, formed a weak bearish crossover below the zero-line recently. The reading line further extended below the signal line and depicted no signs of an upward break or a trend reversal which was not a good sign for the coin’s price in the near-term.
The RSI showed a bearish divergence creating and an overbought reading followed by a lower high that coincided with a corresponding higher highs with respect to the price. Hence, a chance of breaching highs on the charts might not turn up since it depicted that the selling pressure continued to linger despite declining after establishing a local top.
While a massive correction does not appear in the offing, ETH could consolidate in the current range for some time before a decisive breakout. Ethereum’s overhead resistance was found to be at $617.3 and $712.6 while its support point stood at $485.45, $425.9, and $359.5