Ethereum Price at Risk as It Trades Near Support Zone

SAN FRANCISCO, Calif. – Ethereum is on the verge of a new round of selling, with the digital currency still trying to push past the US Dollar’s $188 resistance. However, the ETH/USD price is still at risk of experiencing more losses if it breaks its $180 to $182 support zone.

The cryptocurrency market has been mostly trading sideways. The Bitcoin (BTC) has hardly moved in the past few days and has just dropped to the $8,600 price mark. The Ethereum (ETH) is also experiencing the same. It has also been trading sideways and is presently sitting at $185.

The Ether has been stagnating at the $187 and $188 trading price for some time now ever since it fell from a high $195 and $190 levels. But several days ago, the ETH/USD rose to $188.36 after staying at the usual $187.93 resistance level.

The token even reached $189.43 and even formed a high at around $190. However, the price initiated a declining yesterday, with the plunge continuing today. It went past the $186 support area and dropped to the range support level. There was a break beneath the $185 level and the 100 hourly SMA.

This has opened the floodgates for more losses, and as of press time, the ETH/USD pair was trading lower than the moving averages of nine and 21 days at $182.

The ETH is the second-largest cryptocurrency at the moment. It currently has a market value of $19.9 billion. But its value has since dropped by 1.6% since the day started and has so far remained the same from day to day.

ETH price remains at a downtrend like the other top cryptocurrencies. It remains within the channel, though, and any attempts to break away will see possible support at the $172, $167, and $162 price levels. In the event the bulls do push prices beyond the moving averages and keep a steady upward through the channel, traders might find resistance at the $195, $200, and $205 levels.

The RSI has transformed, though. From flowing in the same direction, it has moved lower than level 50. It would seem that the bears have control at the moment.

It doesn’t appear that way when you compare ETH with BTC. The latter’s market price is still in the ascending channel. However, the bears are attempting a take over of the market. The ETH/BTC pair is trading at 0.0213 BTC level, and the bulls cannot push the price beyond that channel.