Ethereum price analysis: Will this reversal hold?
|- Ethereum still down 3.95% on the day as other cryptos rebound after storm.
- Ethereum loses second position in the market with the market cap falling below that of Ripple (XRP).
The bears attacked Ethereum price guns blazing on Wednesday after a period of stability in September and the first two weeks of November. Ethereum did not weather down the declines as other assets like Ripple (XRP) did. In fact, Ripple has displaced Ethereum to become the world’s second largest crypto in terms of market capitalization, read more on that store here.
In the last one week Ethereum has kept the price above $200 in addition to testing $222 on the upside. However, the overwhelming declines not only slipped below $200, they also butchered their way through the former support at $190. The bear trend literally unstoppable dropped below $180, while heading to the primary support at $170, it formed a low at $175.
Ethereum price currently range bound with $180 hurdle preventing upward movement and $175 working as the immediate support. The bear pressure effect is far from over, however, the buyers could gain ground in the market owing to the fact that indicators like the MACD at -5 and the RSI slightly above the oversold are sending positive signals.
Ethereum has to come out of the bear range for it to realize growth above $200 in the short-term. On the other hand, breaking below the primary support will cause more breakdown towards $100. The asset has already lost its second position to XRP and these declines are not make the situation easy for the Ethereum community.
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