Ethereum price started the upward correction yesterday but its currently struggling to break the resistance level of $195.
Yesterday August 23, the price of Ethereum (ETH) was trading in the bearish trend zone. The crypto’s price is still trading below the 12 and 26-day Exponential Moving Averages (EMAs) after the bulls failed to break above the EMAs.
On August 21, the ETH price was dropped from the resistance level of $200 to $181 price level. On August 22, the price corrected upwards towards the $195 level and later dropped slightly to $190 level. Presently, Ethereum price is trading at the resistance level of $193.
On the upside, if the bulls break above the $193 resistance the coin will rise and retest the $200 price level. On the downside, if the bulls fail to break the said resistance level, the crypto’ price will continue to decline to the previous lows of $190 or below. 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 of Ethereum is in a bearish trend. The 12 and 26-day EMAs are trending horizontally. On August 23, the bulls were unable to break above the $194 resistance level. The price of ETHUSD is still trading below the EMAs. In the meantime, 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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