27-09-2016
10:23 am
=

Ethereum Price Technical Analysis 03/28/2016 – Can ETH Break $11.00?




Ethereum price after trading towards $10.00-10 recovered. However, ETH/USD is now below a major resistance area of $11.00 that can be a sell zone.
Ethereum Price Technical Analysis

Key Highlights

  • Ethereum price continued its downside slide this past week, and looks like under bearish pressure in the short term.
  • There is a descending channel pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which may act as a catalyst for a downside move.
  • ETH/USD may trade down towards $10.00 in the short term if the bulls fail to break the $11.00 resistance area.

Ethereum price after trading towards $10.00-10 recovered. However, ETH/USD is now below a major resistance area of $11.00 that can be a sell zone.

Ethereum Price – 100 SMA as Resistance

Ethereum price recently struggled to trade with a positive tone, and as a result, there was a downside move taking ETH/USD towards $10.00-10. The price looks like under a bearish pressure, which could result in more losses in the near future.

There is a descending channel pattern formed on the hourly chart (data feed via Kraken), which is acting as a catalyst for the price. On the upside, the channel resistance area is coinciding with the 100 simple moving average. So, it means the $11.00 area is a major resistance for ETH/USD and the price may struggle to break it. It can also be seen as a sell zone and one might consider selling near it. In that situation, a stop should be an hourly close above the 100 SMA.

Ethereum Price Technical Analysis

On the downside, the last low of $10.10 can be seen as a short term support. A break below it may call for a test of $10.00, which holds the key for ETH/USD in the near term.

Hourly MACD – The MACD just changed the slope to bullish, which means the price could trade near the channel resistance area.

Hourly RSI – The RSI is just above the 50 level, calling for a minor upside moving ahead.

Intraday Support Level – $10.10

Intraday Resistance Level – $11.00

 

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.

SUBSCRIBE TO OUR NEWSLETTER