The Value of Ethereum Is Back In the Red As the Bears Establish Their Presence

The bears are back in the game, as Ethereum (ETH), as well as other top digital currencies in the market, are back in the red after bouncing off the descending trendline. ETH has been changing hands beneath a descending channel visible at the four hourly chart of the coin. The value of the coin recently bounced off this resistance, this happened to line up with the 200-Day simple moving average and a previous support level.

Ethereum Price Today: Current Price of ETH

At the time of writing, Ethereum is still ranked the second largest digital currency in the world by market cap. The digital currency is currently changing hands at $440 after a decrease of over 3 percent over the past twenty-four hours. ETH has a market of $44.18 billion and a trading volume of $1.79 billion over the past twenty-four hours.

Ethereum (ETH) Price Analysis

Ethereum (ETH) seems to be under the control of the bears, and the digital currency could test the Fib extension zones from here. The value of the coin is already fluctuating around the 50 percent extension at the $424 mark and it might be due for a decline towards the 61.8 Fib extension close to the swing low.

The longer-term 200-Day simple moving average is above the 100-Day simple moving average signaling that the path of least resistance is heading south or the sell-off is likely to continue instead of reversing. Nevertheless, the relative strength index is already sinking to the oversold zone.

It’s yet to increase to indicate the return of buying pressure. Stochastic oscillator is in the oversold zone as well but is not showing signs of recovery yet. If the digital currency continues to head south, it might test the $400 mark in the short-term, but if the bulls are able to overtake the bears, the value of the coin could surge and break its key resistance at the $474 mark.

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