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Ethereum Price in Bearish Path, Testing 4-Month Lows

ETH – Ethereum continues south for the third day in a row after yesterday slumped almost 10% down to 166 making fresh 4-month lows. As of writing ETH trades 2.04% lower at 169.05 mirroring Bitcoin and other major cryptocurrencies. ETHUSD breached the 200-day moving average on August 20th and bears took control driving the second-largest cryptocurrency lower as we mentioned yesterday in our ETH – Ethereum technical analysis. On the downside, first support for  Ethereum stands at 166 yesterday’s low, followed by the low from May 6th at 158, while a convincing break below can lead the price down to 145 the low from Aprl 25th. On the upside, immediate resistance for Ethereum now stands at 173.76 today’s high, then at 186 yesterday’s high, while more selling pressure will be met at 200 the 200-day moving average. The Relative Strength Indicator approaching oversold level and a bounce can’t be ruled out.

ETH – Ethereum market capitalization stands at 18.29 billion with the trading volume today reaching 7.4 billion. Bitcoin – BTC trades at 9,477 with a market cap at 169.6 billion and Litecoin – LTC trades at 65.49 with a market cap at 4.1 billion. The 100 biggest cryptocurrencies market capitalization holds above 246.4 billion.