Ethereum Price Technical Analysis – ETH/USD Grinding Lower

Ticker

1 BTC = $60116.76 USD  (via Coinbase)
1 ETH = $2133.19 USD  (via Coinbase)
1 LTC = $252.83 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

Kryptous

Crypto Coins News - Ratings - Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

Key Highlights

  • ETH price failed once again to overtake $12.70 against the US Dollar, and started moving lower.
  • Yesterday’s highlighted bullish trend line with support at $12.58 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is now below the 100 hourly simple moving average with resistance on the upside at $12.57.

Ethereum price moved down once again against the US Dollar, and it looks like the ETH/USD pair might accelerate the downside towards $12.40.

Ethereum Price Trend Line Resistance

There were continuous offers near $12.65-12.70 in ETH price against the US Dollar. As a result, the price moved down, and broke the $12.60 support area. There was also a break below the 100 hourly simple moving average at $12.60. Moreover, yesterday’s highlighted bullish trend line was broken at $12.58 on the hourly chart of ETH/USD (data feed via SimpleFX).

Lastly, the price also broke the 23.6{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} Fib retracement level of the last wave from the $12.07 low to $12.73 high. These all are signs that the price may continue to move down. On the upside, there is a bearish trend line with resistance at $12.57. Most importantly, the 100 hourly simple moving average is around the same trend line at $12.57. So, overall, there is a major resistance formed near $12.60, which can also be seen as a sell area.

Ethereum Price Technical Analysis ETH

On the downside, the 38.2{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} Fib retracement level of the last wave from the $12.07 low to $12.73 high is acting as a support at the moment. A break below it could open the doors for a test of the $12.40 area. Any further declines could even take the price towards $12.32, which is the 61.8{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} Fib level of the same wave.

Hourly MACD – The MACD has moved in the bearish zone, suggesting bearish signs.

Hourly RSI – The RSI is also below the 50 level.

Major Support Level – $12.40

Major Resistance Level – $12.60

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

<!–

–>

Kryptous

Crypto Coins News - Ratings - Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

Ticker

1 BTC = $60116.76 USD  (via Coinbase)
1 ETH = $2133.19 USD  (via Coinbase)
1 LTC = $252.83 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

Leave a Reply