- Ethereum price found resistance around the bearish trend line as highlighted in yesterday’s post.
- There was a downside reaction, which took the price further lower to create a new low of 0.00242BTC.
- More losses are possible moving ahead, as there is a lot of bearish pressure at the moment.
Ethereum price remains at risk of a break lower, as it moved below 0.00250BTC and looks poised for more losses.
The Ethereum price made an attempt to correct higher, but it found sellers on the upside. An immediate resistance around the 23.6% Fib retracement level of the last drop from 0.00300BTC to 0.00245BTC acted as a barrier and prevented gains. The price moved lower and created a new of 0.00242BTC. Now, if the price moves higher, then the new leg 23.6% fib level of 0.00300BTC to 0.00242BTC might come into play and act as a resistance. There is one more thing to note, as the stated fib level is sitting near the Middle Bollinger Band.
A break above the 23.6% Fib level may take the price towards the highlighted bearish trend line and resistance area. If there is a break above the trend line, then the price could move towards the 100 hourly simple moving average, which can be seen as the next hurdle for buyers. The stated MA is positioned with the 50% Fib level, suggesting that 0.00268BTC is a major resistance for buyers moving ahead. In short, there are many hurdles on the way up, which increases the risk of a down-move.
On the downside, the last low of 0.00242BTC is a support area, followed by 0.00240BTC.
Intraday Support Level – 0.00242BTC
Intraday Resistance Level – 0.00260BTC
The hourly RSI is below the 50 level, pointing the fact that sellers are in control.
Charts courtesy of Trading View