ETH/USD is seen retreating towards the $330 level at the time of writing. ETH coin just like any other altcoins including Bitcoin has been experiencing a grim movement against the US Dollar and over the past 24 hours it bottomed out close to major support at $332.


What to Expect from Ethereum (ETH)
ETH/USD is currently hovering below the 9-day and 21-day moving averages trying to recover from the intraday low. However, with a setback, Ethereum lowered to test supports around $332, while currently trades around $338, losing 0.64% of its value since the beginning of today and has remained virtually unchanged from day-to-day.

Nonetheless, the Ethereum price continues to follow the downtrend but still within the channel and any attempt to break below the channel may reach the nearest support at $300, $280, and $260 levels. Conversely, if the bulls push the price above the moving averages and maintain the upward movement above the channel, the buyers may find resistance at $380, $400, and $420.

In other words, the technical indicator is seen moving in the same direction above the 40-level, suggesting a possible sideways movement into the market.

Against Bitcoin, the market price remained in the ascending channel as the coin may begin to move in sideways. ETH/BTC is currently trading at the level of 0.032 BTC and the bulls couldn’t push the price above the 9-day and 21-day moving averages. Looking at the daily chart, if the market continues to drop, the next key supports may likely be at 0.030 BTC and below.

Reference by: Azeez Mustapha