Ethereum reaches an impasse and bulls and bears tussle to establish dominance

Ethereum reaches an impasse and bulls and bears tussle to establish dominance
(Source: Pixabay)

Ethereum [ETH], the second-largest cryptocurrency by market cap was priced at $160.54. The virtual asset dropped by 1.69% in the last 24-hours. With the market cap of $17.25 billion, the digital asset recorded $5.6 billion as the 24-hour volume. Most of the volume was generated over CoinEgg exchange via trading pair, LTC/ETH.

Coinstats

ETH/USD at Trading View

Resistance 1: $175.34

Resistance 2: $162.72

Support 1: $156.93

ETH/USD at Trading View

Resistance 1: $272.26

Resistance 2: $224.44

Support 1: $156.93

The Bollinger Bands were squeezed, depicting reduced volatility in the market.

Despite the fact that ETH showed good signs of growth in the market, the long-term graph demonstrated a bearish market as the price was diminishing.