Ethereum market update: The future looks bleak as ETH/USD slides under $170
|- Ethereum price dives deeper into the Bollinger Bands as the technical picture makes a turn for the worst.
- Recovery towards $200 will depend on the ability of Ether to find a credible bottom and create fresh demand.
The plunge on Tuesday, September 24 is still impacting negatively on the performance of cryptocurrencies across the board. Ethereum just like Bitcoin is not doing well and is down 0.79% on Monday, September 30, 2019. The downside which was rapid at first continued to lows around $155 on September 26 before a recovery ensued but failed to face the resistance at $180.
At press time, ETH/USD is trading under $170 and marginally below the Bollinger Band one-hour upper curve. Besides the upside is also capped by the 100 simple moving average on the one-hour chart. A confluence formed by the 50 SMA and the Bollinger Band one-hour upper curve will stand in the way of movement at $172.23.
From a technical perspective, Ether is likely to correct lower towards $160. This is because the crypto is yet to fund a credible bottom to create fresh demand. The relative strength index (RSI) is under the average (50). Similarly, the moving average convergence divergence is unable to jump onto the positive side of the zero line. If this trend with the technical indicators continues, Ethereum could even retest $155 support area before a significant recovery occurs towards $200.
ETH/USD 60’ chart
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