ETH Technical Analysis: Psychological Barrier Reflects Bearish Intentions

The ETH coin price finally manages to rise against the increasing selling pressure with the demand near $3000 and aims to reach $3500. Ethereum is an open-source, decentralized Blockchain system that has the cryptocurrency it owns, Ether. ETH serves as a platform to support a variety of other cryptos in addition to being used to execute the decentralization of smart contracts. Ethereum was first introduced in a whitepaper from 2013 written by Vitalik Buterin. Buterin, together with co-founders of the Ethereum project, obtained funding for the project through an online crowd-funding sale during the summer of 2014. Let us move ahead to read about ETH technical analysis. Past Performance of ETH ETH coin price faces a downfall of more than 20% due to the supply dump near $3850. The downfall finds support near $3000 and shows lower price rejection during the bullish reversal. The reversal shows growth of almost 10% in the past 48 hours. Source – TradingView ETH Technical Analysis The ETH coin price shows lower price rejection after the rise from the support zone at $3000. Moreover, the bullish engulfing candle breaks above $3200 and starts a bullish journey that can shortly reach above $3500. The crucial EMAs (50, 100, and 200) show a bearish alignment as the ETH prices fall below all the daily EMAs. Moreover, the bearish crossover of 50 and 100-days EMA increases the possibility of a death cross. The RSI indicator at 35% overlaps ...