Ethereum continues to enjoy its position as the second most popular cryptocurrency in the market. However, this doesn’t mean a whole lot today for investors as most cryptos are struggling with their valuation against the US dollar. ETH is no exception as its journey closely resembles that of the class-leading Bitcoin, albeit at a smaller scale. While the community that supports it is hoping for a recovery, this seems to be far off given the emerging trends. The numbers don’t look good in the near-term for Ethereum price analysis but there is always hope for a bounce back once the bears lose momentum.
Major coins are testing their support levels right now. Everyone is wondering how low they could go. For Bitcoin, that level is $7,000. For ETH, that is $140. The next few days will reveal whether or not they will be able to hold at these levels or slide further down. If the latter happens, then a free fall might ensue. So far that has not happened yet as the line held strong when the $140 level was tested. A correction occurred above $142 but momentum then frizzled. The $144 mark remains hard to break. A decline occurred right after.
Investors should watch out to see if ETH can finally break above the $144 resistance level as this will signify the start of a good run for recovery. It is possible to hit the $146 mark if this happens, and going up to $152 might even be in the cards. However, people will have to be patient as the bears remain firmly in control for now. The downward pressure is making people anxious about a fall to the $135 or the $132 mark. That would be a long and chilly winter indeed for the ETH community that is already dealing with the delay of Ice Age and other hurdles.
The main technical indicators paint a clear picture of the current situation. The major support level remains at $140 while the major resistance level is at $144. Everyone is waiting to see if these can be breached with force before the end of the year. As for the hourly MACD is gradually going back to the bearish territory. As for the RSI, it has been decreasing with a move to the 40 mark. This means that the coin is being oversold.
If nothing else, this Ethereum price analysis result would be good for those who are waiting for the best opportunity to enter the market. Prices are becoming a bargain.