Altcoins Analysis

Ethereum Price Technical Analysis – ETH/USD’s Recoveries Capped

Aayush Jindal | November 3, 2017 | 6:00 am
Ethereum Price Technical Analysis ETH USD
Altcoins

Ethereum Price Technical Analysis – ETH/USD’s Recoveries Capped

Aayush Jindal | November 3, 2017 | 6:00 am

Key Highlights

  • ETH price declined recently and broke the $280 support against the US Dollar to trade as low as $274.84.
  • Yesterday’s highlighted major bearish trend line with current resistance at $290.50 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is moving higher, but most likely to find sellers near the $290.50-291.00 levels.

Ethereum price remains in the bearish zone against the US Dollar and Bitcoin. ETH/USD’s upsides are capped by the $290 and $291 levels.

Ethereum Price Resistance

There was no respite for ETH price as it moved below the $285 and $280 support levels against the US Dollar. The price declined sharply and traded to a new monthly low at $274.84. Later, buyers succeeded in preventing further declines below $274 and the price started a short-term correction. It moved above the 23.6% Fib retracement level of the last decline from the $308.79 high to $274.84 low.

However, the upside move is currently finding sellers near $287.50. The mentioned $287.50 level prevented a break on 2-3 times recently. It also represents the 38.2% Fib retracement level of the last decline from the $308.79 high to $274.84 low. Above $287.50, the next hurdle is near yesterday’s highlighted major bearish trend line with current resistance at $290.50 on the hourly chart of ETH/USD. Moreover, the 50% Fib retracement level of the last decline from the $308.79 high to $274.84 low is near $291.81.

Ethereum Price Technical Analysis ETH USD

Therefore, there are many hurdles on the way up starting from $287.50 up to $291.80. A proper close above $292 is needed for buyers to step up the momentum. On the downside, the $280 level is an initial support followed by the recent low of $274.84.

Hourly MACD – The MACD has reduced most of its bearish slope.

Hourly RSI – The RSI is attempting to move above the 50 level and showing positive signs.

Major Support Level – $274

Major Resistance Level – $290

 

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!