Analysis Crypto

Ethereum Price Technical Analysis – ETH/USD Short-term Break

Aayush Jindal | May 9, 2017 | 6:00 am
Ethereum Price Technical Analysis
Analysis

Ethereum Price Technical Analysis – ETH/USD Short-term Break

Aayush Jindal | May 9, 2017 | 6:00 am

Key Highlights

  • There was an extended decline in ETH price, as it broke the $92 support against the US Dollar.
  • Yesterday’s highlighted major connecting bullish trend line with support at $91.50 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
  • The price may decline further towards $84 in the short term if sellers remain in action.

Ethereum price struggled to hold gains against the US Dollar and Bitcoin, and ETH/USD recently broke a major support for short-term downside move.

Ethereum Price Downside Move

Yesterday, we discussed that there can be a minor dip in ETH price towards $90 against the US Dollar. The price did move down after failing to break the 76.4% Fib retracement level of the last decline from the $100.62 high to $84.65 low. The price started moving down, and broke the $95 support. The worst thing was a break below the 100 hourly simple moving average at $94.20.

Later, the price extended its decline and broke the $92 support. Moreover, yesterday’s highlighted major connecting bullish trend line with support at $91.50 on the hourly chart of ETH/USD was cleared. These all were bearish signs ignited a downside move below $90. Later, the price moved below the 61.8% Fib retracement level of the last wave from the $84.60 low to $97.87 high.

Ethereum Price Technical Analysis ETH USD

At the moment, the price is trading near the $88-87 swing low. It also coincides with the 76.4% Fib retracement level of the last wave from the $84.60 low to $97.87 high. So, there is a chance of a minor rise towards $89.50 where it may find resistance near a bearish trend line. Overall, it looks like the recent short-term break may ignite more losses towards $85-84.

Hourly MACD – The MACD is just moving nicely in the bearish zone.

Hourly RSI – The RSI is currently moving lower, and well below the 50 level.

Major Support Level – $84

Major Resistance Level – $90

 

Charts courtesy – SimpleFX

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