Another boring day in crypto where the markets don’t seem to be moving much. Most cryptocurrencies are trading sideways after a brief bull run last night. Let’s take a look at some of our favorite altcoins and see if the indicators tell us what’s to come ahead.
Ethereum Price Analysis (ETH/USD)
On today’s hourly chart, ETH/USD pair has exhibited a significant drop below the $178.79 resistance level. The downside move later dipped the price further below critical support level at $175.687. Additionally, a new support level was then defined near $174.3201 that signified the presence of strong selling pressure. Afterwards, the descending channels give a sign that sellers are leading the market movement.
Therefore, the dip escalated ETH from the opening price of $178.076 to currently changing hands at $174.54. That translates to a slight fall of about 2% over the last 24hrs. The RSI that is hovering below level 50 indicates a continuation of a downside rolling. Besides, the moving averages are giving a bearish alarm since the…