Altcoins Analysis Technical

Ethereum Price Technical Analysis – ETH/USD Facing Crucial Resistance

Aayush Jindal | January 19, 2018 | 5:00 am
Ethereum Price Technical Analysis ETH USD
Altcoins

Ethereum Price Technical Analysis – ETH/USD Facing Crucial Resistance

Aayush Jindal | January 19, 2018 | 5:00 am

Key Highlights

  • ETH price started a decent upside recovery after trading as low as $753 against the US Dollar.
  • There is a major bearish trend line with resistance at $1065 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is struggling to break the $1070 and $1085 resistance levels and is slowly moving down.

Ethereum price is facing an uphill task against the US Dollar and Bitcoin. ETH/USD needs to clear the $1070 and $1085 resistance levels to gain upside momentum.

Ethereum Price Resistance

Yesterday, we saw the start a decent upside recovery from the $753 swing low in ETH price against the US Dollar. The price succeeded in moving past the $800 and $1000 resistance levels. There was also a break above the 38.2% Fib retracement level of the last major decline from the $1375 high to $753 low. It cleared the path for more gains, but the price seems to be struggling to move above the $1070 and $1085 resistance levels.

There is also a major bearish trend line with resistance at $1065 on the hourly chart of ETH/USD. The trend line resistance is also around the 50% Fib retracement level of the last major decline from the $1375 high to $753 low. Therefore, the $1065 resistance level is very crucial for further upsides. More importantly, the 100 hourly simple moving average is positioned near $1085 to act as a key barriers for buyers. Once there is a proper close above the $1085 level and the 100 hourly SMA, the price may gain bids.

Ethereum Price Technical Analysis ETH USD

On the downside, an initial support is at $900. However, the current price is slightly bearish below $1065. If the pair fails to move above $1065, it could decline back toward $800.

Hourly MACD – The MACD is once again attempting to move into the bearish zone.

Hourly RSI – The RSI is now below the 50 level and is heading lower.

Major Support Level – $900

Major Resistance Level – $1065

 

Charts courtesy – SimpleFX

Tags: , , , , , , , , ,
  • Wiki Bits

    You can be easily hacked don’t lose guard. “skygofree” has all your data stolen and hidden
    Contact: [email protected] today you still can be protected and have your identity hidden.

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!