Ethereum Discovers New Chart Support in Technical Terms

Ethereum Discovers New Chart Support in Technical Terms

According to a news story, the second-largest cryptocurrency on the market has discovered a foundation for a turnaround. Ether's price fell to $880, sparking a wave of large market liquidations that put additional pressure on the asset's performance.

On Sunday, June 19, Ether successfully surged to $1,279 before retracing to $1,200, which continues to be the crucial support area for ETH. Conveniently, the second-largest cryptocurrency has been consolidating for the past four days because the 200 WMA is located precisely at the aforementioned price. the CoinGabbar website.

Tokens are, as the article claims, "off their worst levels" from a week ago and are currently exhibiting some indications of stabilisation. In a recent article, discussed Dogecoin's progress on the cryptocurrency market, where the memecurrency was able to establish itself as the most lucrative asset among the top 100 cryptocurrencies by market capitalization in the previous day.

However, despite the fact that the asset is calmly resting at the support level, there is not enough purchasing power on the cryptocurrency market to move the asset above the first, typically unreliable 21-day moving average.

The downward volume trend, which is the first symptom of an impending bearish reversal, is another indication provided by the volume indicator that Ether is not doing well enough on the market. Inflows to the asset are still at a low level.

Unfortunately, Ethereum has a long way to go to be considered a reversed or even consolidating asset, as it remains in a sharp downtrend since April and needs to gain a foothold above the 200-WMA.

At press time, Ethereum is trading at $1,183, losing around 1.14% to its value in the last 24 hours.