Analysis Technical

Ethereum Price Technical Analysis – ETH/USD Crushed Below $650

Aayush Jindal | February 6, 2018 | 5:00 am
Ethereum Price Technical Analysis ETH USD
Analysis

Ethereum Price Technical Analysis – ETH/USD Crushed Below $650

Aayush Jindal | February 6, 2018 | 5:00 am

Key Highlights

  • ETH price is under immense bearish pressure as it declined below the $650 support against the US Dollar.
  • There are two crucial bearish trend lines forming with resistance at $670 and $760 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently moving down and it is likely to break the $600 and $580 support levels in the near term.

Ethereum price getting crushed against the US Dollar and Bitcoin. ETH/USD is now below $650 and it eyes further declines below the $600 level.

Ethereum Price Monstrous Decline

There were continuous declines in ETH price from the $900 swing high against the US Dollar. The price traded below the $800 and $700 support levels to set the pace for more declines. It recently broke the $650 support and traded as low as $619. It started a minor downside correction and moved above the 23.6% Fib retracement level of the last decline from the $847 high to $619 low.

However, the upside move could not last long and the price failed near $700-720. There was a failure to break the 50% Fib retracement level of the last decline from the $847 high to $619 low. On the upside, there are two crucial bearish trend lines forming with resistance at $670 and $760 on the hourly chart of ETH/USD. The pair struggled near the first trend line and $700. It is once again sliding and it is about to break the $619 low. It seems like the pair may soon test the $600 level.

Ethereum Price Technical Analysis ETH USD

There are even chances of a break below $600 for a test of the $580 support. On the upside, the pair has to break the $720 and $750 resistance levels to initiate a convincing recovery.

Hourly MACD – The MACD is placed heavily in the bearish zone.

Hourly RSI – The RSI is showing no signs of a recovery and is currently at 30.

Major Support Level – $580

Major Resistance Level – $750

 

Charts courtesy – SimpleFX

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  • Nice TA! I bought in at $600, I feel that is “low enough” but only time will tell. Cheers!

    • Jeremiah Johnson

      Good luck it’s going to crash to zero within 6 months

      • I stand on the side of the fence that believes that the entire crypto space will not simply let the last 9 years of progress go away in six months. All the mining factories, the massive companies with billion dollar investors and big name partners. Things like this don’t simply disappear and the SEC just gave a fairly bullish speech on the topic so I still have hope. Only time will tell of course. Cheers!

        • Chelsea Eiben

          agreed. this collapse is in such a short-term, I doubt it will all fall to sh*t

      • Bisquiteen Trisket

        Well I figure if i put a few hundred bucks down on ethereum and it crashes and burns, it was like a night at the casino.

  • Senior Forex, lol

    Even a 10yr old can come up with these conclusions.

    Actually checking posts like this, makes me feel so much confident of my TA skills.

    • Chelsea Eiben

      agree. Where is the crypto nerd who can tell me if Ethereum will pick up again??

  • Chelsea Eiben

    Where is the crypto nerd who can tell me if Ethereum will pick up again??

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