Ethereum Price Technical Analysis – ETH/USD Recovery Won’t be...
Array

Ethereum Price Technical Analysis – ETH/USD Recovery Won’t be Easy

-

- Advertisment -

Key Highlights

  • ETH price declined further and moved below the $180 level against the US Dollar.
  • Yesterday’s highlighted two bearish trend lines with current resistances as $190 and $210 on the hourly chart of ETH/USD (data feed via SimpleFX) are intact.
  • On the downside, the recent low at $168 may provide support in the short term.

Ethereum price remains in a downtrend against the US Dollar and Bitcoin, and a recovery in ETH/USD won’t be easy in the near term above $210.

Ethereum Price Resistance

There was no relief for buyers as ETH price continued to move down and traded below $180 against the US Dollar. A new weekly low was formed at $168.58 from where a minor recovery was started. The price traded above the 23.6% Fib retracement level of the last decline from the $234.34 high to $168.58 low. However, the upside move was prevented by the $205-210 levels.

One of yesterday’s highlighted two bearish trend lines with current resistances as $190 and $210 on the hourly chart of ETH/USD acted as a barrier. Moreover, the 50% Fib retracement level of the last decline from the $234.34 high to $168.58 low stopped gains. The price is once again moving lower and currently trading near $180. It looks like there can be a retest of $168 if sellers remain in action in the near term.

Ethereum Price Technical Analysis ETH USD

Any further declines below $168 could be very unsafe for buyers since it exposes declines towards $140. On the upside, both trend lines with current resistances as $190 and $210 are very important. As long as the price is below these, it may continue to struggle to overtake $210. Above $210, the price may trade towards $240.

Hourly MACD – The MACD has slightly reduced the bearish slope.

Hourly RSI – The RSI is currently below the 50 level and placed well in the bearish zone.

Major Support Level – $168

Major Resistance Level – $205

 

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.


Source link

Latest news

To Kill A Dragon – How To Build An Honest Alternative To Sharing Economy Industry

The sharing economy is big business. Platforms like AirBnB, Uber, WeWork, Upwork, and others in the industry...

3 Beginner Friendly Ways to Make Money with Cryptocurrency 2020

In this article, we will explain how to make money with cryptocurrency in 2020. These methods are...

Blockchain, Bitcoin, and Mashed Potatoes

According to studies, over the next 5 years, many of the major supermarkets are expected to...

Different Facets of Biometric Authentication and How They Are Making A Difference in The Financial Sector

When we think of authentication in the true sense, then we find ourselves amid the different proven...
- Advertisement -Ethereum Price Technical Analysis – ETH/USD Recovery Won’t be Easy

UNICEF’s 125 ETH Investment Took Less Than 20 Minutes and Cost Less Than $20

"The digital world is coming to us faster than we could have imagined," said UNICEF chief Chris...

Analysis: Is Bitcoin (BTC) Still Viewed As A Dark Web Currency?

There is a long past of Bitcoin (BTC) – due to its anonymity – being used in...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you