Ethereum is among the top trending coins of the market. Recently, the currency has started improving and managed to record a tremendous hike. If we look at the price movement of ETH coin from March 15, 2020, it is quite impressive and gives hope to the traders.
The improvement in the coin is speculated to bring the rally soon. At the same time, the investors should also calculate the risk and then put their hands in the crypto market.
Ethereum Price Analysis
In October 2020, Ethereum price was trading around $179 with moderate momentum. The coin closed the month at $183 and then, it hovered around the same level till November 16, 2019. Later, the ETH price dropped to $140 on November 25. The currency floated around the same level till December 15, 2019. The price slipped to $130, and the coin closed the year around the same.
The improvement started in January 2020, and it managed to trade with upside momentum. Till mid-February, the Ethereum exhibited tremendous hike, and the price touched $289. After hitting this high, the currency faced rejection and started trading with the downtrend. The ETH price plunged to $87 on March 13, 2020. The fall was very disastrous as the same reshuffled the 52-week low price. Later, the currency started strong recovery and marked continual upside movement till today. At the time of writing this analysis, the price of the Ethereum spotted at $196.
ETH coin’s SMA 50 & 200 are at $153 & $172, respectively. The same is providing support to the coin, but they both are forming bearish crossover. The mixed indication points towards stagnant movement in the coin.