CryptoComes Original Article
The situation on the market is almost unchanged since yesterday. The only coin that is trading in the green zone is Bitcoin (BTC), whose rate has increased by 1.73%.
Meanwhile, the market capitalization is unchanged despite the fact that most of the coins are under the influence of bearish sentiments. The current index accounts for $390 bln.
The relevant data for Ethereum is looking the following way:
-
Name: Ethereum
-
Ticker: ETH
-
Market Cap: $43,117,705,368
-
Price: $380.83
-
Volume (24h): $15,704,905,185
-
Change (24h): -0.79%
The data is relevant at press time.
ETH/USD: Can Ethereum fix above $400 in the short-term perspective?
Yesterday morning, the trading volumes were below the average level, and the pair traded for a short time around the $390 mark. The bulls could not continue to grow, so the Ethereum (ETH) price rolled back to the support of $380.
In the afternoon, buyers restored the pair to the mid-range, but the 6-hour EMA55 is holding back the growth and not allowing a return to the psychological level of $400.
If the bulls fail to break through this level of average prices, then the pullback will continue to the support of $360.
On the bigger time frame, Ethereum (ETH) is even more bearish. The leading altcoin is slowly approaching the closest support zone at $360 against the increasing selling trading volume. In case this level cannot stop the drop, there is a high chance of seeing a retest of $309 where most of the liquidity is focused.
On the weekly chart, Ethereum (ETH) is bullish despite short-term corrections. The altcoin is trading within the rising channel since a sharp drop in March. At the moment, the crypto has little chance of setting new peaks. However, a false breakout of the resistance at $489 may occur if the volume and liquidity remain at a low level.
Ethereum is trading at $379.32 at press time.
