Ethereum (ETH) Pulls Back to $176 After Breaching $180; Recovery Seems to be Null

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• Ethereum price with its momentary upsurge traces $180.
• Though being a lucrative investment, ETH suffers from a ‘short-lived’ gush. 
• ETH price unable to find a proper support from the short-term moving averages other than the 5-day EMA. This brings Ethereum under strong selling pressure.

Ethereum dipped as low as $167 in the past week’s recession of the crypto market. However, Bitcoin has made a massive revival above $10,000 to help us to readily restore the belief. With this the major coins like ETH, XRP and few outperforming altcoins were expected to make a leap. But ETH’s past 24-hour movement seems to have remained pale only.

ETH to USD Price Chart by TradingView:

The below Ethereum price chart is a data feed from Coinbase as on 3rd September at 11:13 UTC.

As observed from the above 24-hour movement of the coin, ETH/USD was trading around $172.07 in the initial hours of the day yesterday. After a half day of almost flat trading, Ethereum picked up the pace around the same hour when Bitcoin broke the major resistance at $10,000 and Ethereum price at $180. Trading slightly beyond at $181.53, ETH price couldn’t hold it enough and fell to the lowest at $175.19 today.

Currently the coin is trading at $176.70, with a 2.66% plunge from the highest of the past 24 hours.

Technical Indicators:

As price of Ethereum falls back to the same pit around $176, from where it grew to break the major resistance at $180, it again trades with a selling pressure. Facing a major resistance at $180, the coin gains support from 5-day EMA at $175.95.

At present, the major support for ETH trading price remains at $175, if it falls even further the coin will see $173 and $170 as the immediate support.

Whereas, the current trading price is 0.7% and 0.16% lower than the respective 9-day SMA and 9-day EMA.

The MACD of the coin remains in the negative array with a bearish crossover, while the remains slightly above 30, more inclined towards the oversold region. Based on Ethereum forecast, the coin might face correction further and cross its major support in the upcoming days.