Ethereum News

Ethereum (ETH) Initiates Recovery After Hitting $167 Yesterday

  • Ethereum trades under bearish pressure over the last 24 hours and lost 4.57% in this period
  • ETH/USD recovers well after hitting its previous support $167

The market-wide regression has impacted Ethereum as well. Its value has been curtailed to $172 from $180 in the last 24 hours. However, it reflects stable movement after registering a huge decline yesterday. There may not be a quick recovery anytime soon for ETH.

Ethereum began this year on a positive note; it marked the highest price point at $281 in February, but then, it started correcting downwards. On March 13, the ETH price fell to $100 mark. After that, the currency started trading with moderate upside momentum. Recently, it breached the $182 price mark.

Ethereum Price Analysis

ETH coin has made its journey from $150 level to $187 over the last week. Despite early setbacks, it has managed a decent path upwards. However, yesterday’s loss has become one of the worst descents.

Ethereum (ETH) Price News
ETH/USD Chart By TradingView

Yesterday, Ethereum price spotted at $180 at the opening of the day, and over the first 4 hours and 45 minutes, it was up by $6.39 and touched $186.67. It was followed by a 10.14% price correction that cost the ETH coin $18.92 and pulled the price down to $167.75 by 20:01 UTC. The last swing occurred between 20:01 & 01:22 UTC. In these 5 hours and 21 minutes, the price of Ethereum was raised by 3.43% and got pumped up to $173.50.

Further, the ETH price faced slight regression and spotted at $172.04 with having support from SMA 50. The MACD indicator depicts a bearish crossover as the signal line overpowers the MACD line. Intraday investors may witness more setbacks in the upcoming days.

Edward Nash

Edward Nash is an editor and analyst with over 10 years of financial market experience. Prior to joining CoinNewsSpan, he worked in several famous financial institutions. He has been active in the cryptocurrency market since 2011, specializing in technical analysis of current crypto trends and offering analytical opinion-based pieces.

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