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Ethereum has been the 2nd most lucrative crypto of the global market as known but has been drawing a volatile and bearish crossover lately. Ethereum, in the first half of the year, was seen crashed below $100 and even $90 at $89 when the market dipped steeply due to the Coronavirus Pandemic.
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However, with the current trading price, it has undoubtedly gained over 300% until the time of writing and has marked a YTD high at $490 towards the end of the previous month. Moreover, the coin gained a notable impetus from YTD’s lowest hit in March 2020.
Ethereum Price Analysis
Ethereum, at the time of penning down, this analysis was trading at $336.8 after a gradual pullback from the $395 price area on the 24-hour chart. ETH/USD pulled back steeply after hitting the YTD high on the last day of the previous month while facing a stringent resistance at $500. With the current bearish pullback, the price trend of Ethereum is breaching the lower Bollinger Band and has already lost the support from MA50.
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However, ETH’s price is still holding the support from MA200 around $255, and a gradual dip below $300 can lead to testing the given support too. According to the Ethereum price prediction, the coin is likely to cross its immediate support around $280 as per the current trend. The bands do not hold any extremities so far on the 24-hour chart. The MACD indicator is also confirming the negative sentiment of the market as it draws a bearish divergence. The RSI of Ethereum is at 42.20 after having risen from 30 due to price reconciliation in the past 24 hours.
