Altcoins Analysis

Ethereum Price Technical Analysis – ETH/USD Nosedives Below $11.00

Aayush Jindal | February 10, 2017 | 6:00 am
Ethereum Price Technical Analysis
Altcoins

Ethereum Price Technical Analysis – ETH/USD Nosedives Below $11.00

Aayush Jindal | February 10, 2017 | 6:00 am

Key Highlights

  • ETH price after initiating a break yesterday at $11.30 against the US Dollar started a downtrend.
  • Yesterday’s highlighted bearish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) acted as a barrier at $11.20 and pushed the price down.
  • The price traded sharply lower, and also broke the last swing low at $10.80.

Ethereum price declined sharply as two Bitcoin exchanges in China suspended withdrawals. ETH/USD is under heavy pressure, and may decline further.

Ethereum Price Decline Initiated

Yesterday, there were signs of a downtrend in ETH price against the US Dollar, as the price broke the $11.30 support. A downtrend was initiated, which got strength later on to break many support levels like $11.00. The most important break was below the $10.80 pivot. It means there are chances of additional losses in ETH/USD in the near term towards $10.00.

There was a bearish trend line highlighted on the hourly chart of ETH/USD (data feed via SimpleFX) yesterday at $11.20. It acted as a perfect hurdle, and pushed the price below $10.80. A new low was formed at $10.24. Later, there was a recovery initiated, but might not last long. It traded above the 23.6% Fib retracement level of the last decline from the $11.38 high to $10.24 low.

Ethereum Price Technical Analysis

However, the upside found resistance near the 50% Fib retracement level of the last decline from the $11.38 high to $10.24 low. So, the $10.80 level, which was a support earlier now acted as a resistance. The price has already started moving down once again and traded below $10.70. If the current momentum stays intact, there are chances of more losses in ETH towards $10.20.

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

Hourly RSI – The RSI has recovered from the oversold levels, but still below the 50 level.

Major Support Level – $10.20

Major Resistance Level – $10.80

 

Charts courtesy – SimpleFX

Tags: , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!