Ethereum Price Technical Analysis – ETH/USD Nosedives Below Key Level




Ethereum price nosedived against the US Dollar and Bitcoin amid XRP rise, and now ETH/USD may trade further lower towards the $80.90 zone.
Ethereum Price Technical Analysis ETH USD

Key Highlights

  • There was a sharp decline in ETH price below the $88 support against the US Dollar.
  • A very important bullish trend line with support at $90.00 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
  • The price is now likely heading towards the next support area at $80.95

Ethereum price nosedived against the US Dollar and Bitcoin amid XRP rise, and now ETH/USD may trade further lower towards the $80.90 zone.

Ethereum Price Major Breakdown

In the last analysis, we discussed that if there is a break below $90 in ETH price against the US Dollar, there can be an extension of losses. The price failed to hold gains and broke the $90 support. The most important move was below yesterday’s highlighted bullish trend line with support at $90.00 on the hourly chart. It opened the doors for more declines, and the price even broke the $88 support.

The downside was with strong momentum, taking the price below the 61.8% Fib retracement level of the last wave from the $83.35 low to $93.49 high. There was a sharp decline and the price even broke the $84 support. Later, there was a close below the last swing low of $83.35. This means the price may now head towards the 1.236 extension of the last wave from the $83.35 low to $93.49 high.

Ethereum Price Technical Analysis ETH USD

It looks like the ETH sellers are in full control, and may attempt to take the price further lower. There are even chances of ETH/USD testing $80.95 level. On the upside, the broken support at $88.42 and the 100 hourly simple moving average may now act as a resistance. There is a short-term trend change with a break below $85.

Hourly MACD – The MACD has moved sharply in the bearish zone.

Hourly RSI – The RSI is reaching oversold levels at 28.

Major Support Level – $80.95

Major Resistance Level – $88.40

 

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.

Published by

Aayush Jindal

Aayush has spent over a DECADE 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, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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