27-08-2016
04:51 pm
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Coince - Bitcoin Investment Solution

Ethereum Price Technical Analysis 03/09/2016 – Sell Target Achieved, Now What?




Ethereum price spiked higher yesterday. However, the price found sellers around a perfect sell zone and moved down once again. Intraday Support Level can be $9.20. Intraday Resistance Level may be $10.60.
Ethereum Price Technical Analysis
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Key Highlights

  • Ethereum price after moving a few points higher found sellers and moved down as forecasted in yesterday’s post.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) acted as a perfect sell area and pushed the price down.
  • The price has moved down, and it’s time to take profit so that we can wait for the next opportunity.

Ethereum price spiked higher yesterday. However, the price found sellers around a perfect sell zone and moved down once again.

Ethereum Price – Wait for another rally?

Ethereum price after moving down towards $8.50 managed to gain bids and traded back higher. However, I highlighted in yesterday’s post that if the price jumps higher, then we can consider selling near a bearish trend line formed on the hourly chart (data feed via Kraken). The highlighted trend line and resistance area acted as a perfect hurdle for the bulls and pushed the price back down.

The price touched the trend line and resistance and tested the 61.8% Fib retracement level of the last drop from the $11.98 high to $8.48 low. One important bearish sign to consider as of writing is the fact that the price is now back below the 100 simple moving average (hourly chart, data feed via Kraken).

Ethereum Price Technical Analysis

On the upside, an initial resistance can now be around the 100 MA, coinciding with the 50% Fib retracement level of the last drop from the $11.98 high to $8.48 low. A break above it could take the price once again towards the highlighted trend line and resistance area where sells can be considered. On the downside, the most important support can be at $9.20-00.

Hourly MACD – The MACD is heading towards the bearish slope, which is a concern for the bulls.

Hourly RSI – The RSI is below the 50 level, which is a negative sign.

Intraday Support Level – $9.20

Intraday Resistance Level – $10.60

 

Charts courtesy of Kraken via Trading View

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.

Published by

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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