With Bitcoin (BTC) recovering from its recent drop to $6,500, Etheruem (ETH) is not standing idle. The rate for the top altcoin has increased by 1.43%. The general situation in the market is different as neither the bulls nor the bears are in control.
Below is the relevant data for ETH at press time:
Market Cap: $16,619,958,529
Volume (24H): $8,015,697,387
Change (24H): 2.31%
ETH/USD: Where is the Next Stop for Ethereum?
ETH has again pushed off from the level of moving averages, indicating the presence of a bearish trend. The values from the relative strength index (RSI) broke through the support line, testing the bottom of the broken line.
One should expect a continuing decline to the first target at $120. A breakdown of this area will indicate a move to the $100 mark.
Looking at the 4H chart, sellers have managed to gain a foothold at the $150 level. As a short-term trading idea, we should expect a continuing decline to the point of $120.
An additional signal in favor of the decline will be another bounce from the downtrend on the RSI indicator. It is not excluded that the decline will continue on the width of this channel with the descending movement's lower boundary breaking down.
At press time, ETH is trading at $151.25.