Join Our Telegram channel to stay up to date on breaking news coverage
The Ethereum (ETH) price sits at a crucial support level that could determine where the coin will be heading in the next negative move.
Ethereum (ETH) Statistics Data:
- Ethereum price now – $1,310
- Ethereum market cap – $160.6 billion
- Ethereum circulating supply – 122.4 million
- Ethereum total supply – 122.4 million
- Ethereum Coinmarketcap ranking – #2
ETH/USD Market
Key Levels:
Resistance levels: $1800, $2000, $2200
Support levels: $1000, $800, $600
Your capital is at risk
At the time of writing, ETH/USD follows in the footsteps of the flagship cryptocurrency as the coin is dropping below the 9-day and 21-day moving averages. The Ethereum price failed to create a new high above the resistance level of $1354. However, if there is short-term selling pressure, Ethereum could most likely tackle it and make a comeback at the level mentioned above.
Ethereum (ETH) May Go Lower as Tamadoge (TAMA) Presale Sells Out
According to the daily chart, the Ethereum price experiences a slight spike in profit-taking after creating a daily high of nearly $1354. However, the increasing selling pressure, therefore, brings the price to touch a new low at $1279. Meanwhile, as long as the red line of the 9-day moving average crosses below the green line of the 21-day moving average, the Ethereum (ETH) could slide below the lower boundary of the channel, and the Relative Strength Index (14) confirms the bearish movement as the signal line moves to cross into the oversold region.
In the meantime, if the sellers could manage to maintain the bearish momentum, a serious downward movement could keep the Ethereum price below the moving averages as the coin may likely hit the support levels of $1000, $800, and $600 respectively. Therefore, any failure to cross below the lower boundary of the channel could push the Ethereum (ETH) to the upside. However, the upswing may trigger a buy above the 21-day moving average which could reach the resistance levels of $1800, $2000, and $2200.
Against Bitcoin, the next positive direction may reveal a bullish movement on the long channel and the coin may cross above the 9-day and 21-day moving averages if the bulls put more effort. The Relative Strength Index (14) is now seen moving to cross above the 40-level, suggesting more bullish signals.
When observing the technical indicator, the Relative Strength Index (14) is heading to the upside, moving towards the upper boundary of the channel can make the coin hit the resistance level of 8500 SAT and above but should in case the bulls failed, sellers can use the opportunity to bring it to the support level of 6000 SAT and below.
Tamadoge, an ERC-20 token, will also have its initial DEX offering (IDO) on Uniswap. TAMA is set to list at a price of $0.03. As the Tamadoge presale sold out earlier than expected, the team is reportedly moving forward with all TAMA crypto exchange listings to take place in the coming days.
Related:
Join Our Telegram channel to stay up to date on breaking news coverage
