Altcoins Analysis

Ethereum Price Technical Analysis

Aayush Jindal | October 20, 2017 | 6:00 am
Ethereum Price Technical Analysis ETH USD
Altcoins

Ethereum Price Technical Analysis

Aayush Jindal | October 20, 2017 | 6:00 am

Key Highlights

  • ETH price recoveries are capped by the $312-314 resistance zone against the US Dollar.
  • There is a new connecting bearish trend line forming with resistance near $308 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might extend the recent slide and likely to test the $300-301 support area.

Ethereum price is currently moving down against the US Dollar and Bitcoin. ETH/USD might retest $300-301 before attempting an upside move.

Ethereum Price Downside Move

There was a slight recovery in ETH price yesterday towards the $314 level against the US Dollar. The price failed to gain traction above $310 and started a downside move. It traded below the 23.6% Fib retracement level of the last wave from the $285.99 low to $314.77 high. However, the downside move seems to be limited considering the current bias below $314.

Buyers appeared around the 38.2% Fib retracement level of the last wave from the $285.99 low to $314.77 high and protected declines. On the upside, there is a new connecting bearish trend line forming with resistance near $308 on the hourly chart of ETH/USD. A break above the trend line resistance and the $314 high won’t be easy. There is a chance that the pair might dip towards the 50% Fib retracement level of the last wave from the $285.99 low to $314.77 high at $300.38.

Ethereum Price Technical Analysis ETH USD

The $300-301 support area holds the key for the current slide in ETH. As long as the price is above the $300 level, it should break the trend line for an upside move. The $314 resistance is now significant since it is positioned with the 100 hourly simple moving average.

Hourly MACD – The MACD is almost flat and pointing towards range moves in the bearish zone.

Hourly RSI – The RSI is currently just below the 50 level and showing neutral signs.

Major Support Level – $300

Major Resistance Level – $314

 

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!