Ethereum price looks bleak and will take another blow from bears

  • 01 August 2019, Thursday, 07:20

Ethereum’s price was on a steady run-up for a while but has faced roadblocks in recent times. One such roadblock is the EIP-2025 for the Istanbul update. The controversy surrounding this proposal has caused the price of Ethereum to dip.

The price of Ethereum at press time was $213 with a market cap of $22 billion, which is 8 times lower than that of Bitcoin. The price shows a negative change in the last hour and in the longer 7-day timeframe.

Source: TradingView

The one-hour chart for Ethereum showed a downtrend that extended from $272 to $218, and an uptrend that ranged from $192 to $208. The support for Ethereum in the one-hour chart was seen at $205. The price is stuck between the previously-mentioned support and the resistance at $225.

Source: TradingView

The one-day chart showed a bearish downtrend that extended from $823 to $334 whereas the uptrend extended from $78 to $199. The immediate resistance for Ethereum was seen at $369; the support for Ethereum was formed in December 2018 at $80.

The one-hour and the one-day chart both indicate a bearish outlook for Ethereum as indicated by the above-mentioned indicators.