Ethereum price is currently in under pressure while trading near the $174 support level. The ETHUSD could either rise again or break below $172.
Yesterday, September 4, the price of Ethereum (ETH) was in a bearish trend zone as it broke below the 20-day Exponential Moving Average (EMA). The bulls struggled to push the price higher above $180 but they were resisted. As a result, Ethereum price fell below the $180 level and started a downside correction below the $178 support level.
The crypto’s price is trading at the $174 support level as at the time of writing. On the downside, if the bearish trend continues, the crypto’s price will decline towards the $172 and $170 price levels. On the upside, if more buyers emerge, the market will rise and retest the $180 and $182 levels.
In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, ETHUSD price is in a bearish trend. On August 3, there was a decent up move above the key $172 and $175 resistance levels. The ETHUSD later bounced above $180 price level but failed to continue moving higher.
The price of ETHUSD is currently facing resistance at the $180 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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