Ethereum Price Analysis: Ether Token Fighting to Break Above 200-EMA

Source: ETH/USD on TradingView

The daily technical chart of Ether token predicts a sideways trend. According to Pivot points (FIB), ETH’s crucial support level is $1834. Conversely, if it rides up, the required resistance level to observe is at $2294. Thus, while the intraday chart forms a Bearish Harami candlestick pattern, predicting prices may drop with average dependability.

The exponential moving average (EMA) composed of 50,100,200-EMA can be a reliable support for currency price changes. However, investors can notice the price drops below the orange line, and 200-EMA is acting as a resistance now, ensuring a downward trend until the price remains below the EMA-200.

Volume of (6.11K) is beneath the MA of 20-days (28.29K). selling pressure is low in Ethereum, making its price remain in a lower zone. Investors may also witness waning volume bars in the chart, which intimates a big move is expected in upcoming trading sessions.

The RSI indicator gave a (bearish) signal with 41, projecting a sell signal in the coin. Investors may observe a flat slope. It may plunge in future trading sessions.

Ether Token May Plunge 5% Near Support Zones

The trading price of Ether token is $1980.0, with a daily gain of 1.7% and a weekly loss of 14.6%. In addition, the price plunged below 200-EMA. As a result, the RSI indicator shows a sell signal, and the trading volume decreases. Technically, the price shows weakness and is sustaining to break above 200-EMA. Therefore, the current trend remains bearish. The price may try to move towards $1834 support in the next few days based on the overall market sentiment.

Resistance: $2294.0

Support: $1834.0

News Source