Ethereum Price Key Highlights
- Ethereum price just finished testing the downtrend line resistance visible on the 1-hour chart and is starting to gain additional momentum heading back south.
- The 50% Fibonacci retracement level held as resistance on the pullback, putting ethereum price back on track towards the previous lows at 0.00156BTC.
Ethereum price is resuming its impulse wave on the ongoing downtrend, possibly gearing up to test the previous lows or establish new ones.
New lows in sight?
Technical indicators are reflecting a return in bearish pressure, which suggests that sellers might have enough energy to push for new lows, possibly until 0.00150BTC or 0.00140BTC.
Stochastic is pointing down without even reaching the overbought zone, which indicates that bears are eager to hop in and let the selloff resume. RSI has been on the move up but is starting to turn lower once more.
The 100 SMA is safely below the longer-term 200 SMA and is even moving farther away, which means that bearish momentum is getting much stronger. However, an upside break past the trend line and highest Fib level at the 0.00190BTC mark might be an early signal of a short squeeze at the start of a reversal.
Intraday support level – 0.00160BTC
Intraday resistance level – 0.00180BTC
Charts from TradingView