Analysis Technical

Ethereum Price Technical Analysis – ETH/USD Could Decline Further

Aayush Jindal | March 6, 2018 | 5:00 am
Ethereum Price Technical Analysis ETC USD
Analysis

Ethereum Price Technical Analysis – ETH/USD Could Decline Further

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

Key Highlights

  • ETH price formed a short-term top near $857 and moved down against the US Dollar.
  • There is a key connecting bearish trend line forming with resistance at $855 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently trading around the $828-830 support area and it at risk of more declines.

Ethereum price started a new downside wave against the US Dollar and Bitcoin. ETH/USD may break the $828-830 support and decline further in the near term.

Ethereum Price Resistance

Yesterday, there was a decent upside move above $850 in ETH price against the US Dollar. However, the price failed to gain momentum and formed a short-top top around at $857. Later, a new downside wave was initiated and the price moved below the $850 support level. Moreover, there was a break below the $845 level and a close below the 100 hourly simple moving average.

The last decline was constructive and a new intraday low was formed at $828.46. At the moment, the price is correcting higher from $828. It has tested the 23.6% Fib retracement level of the last decline from the $857 high to $828 low. However, it seems like the price may not gain major traction towards the $850 level. A major resistance is around the 50% Fib retracement level of the last decline from the $857 high to $828 low at $843. Moreover, there is a key connecting bearish trend line forming with resistance at $855 on the hourly chart of ETH/USD.

Ethereum Price Technical Analysis ETC USD

Therefore, it seems like the pair may face sellers on the upside near the $840 and $850 levels if there is a correction. On the downside, the $826-828 levels are decent supports. A break below $826 could push the price towards the $800 level.

Hourly MACD – The MACD is gaining momentum in the bearish zone.

Hourly RSI – The RSI is now well below the 50 level.

Major Support Level – $826

Major Resistance Level – $850

 

Charts courtesy – SimpleFX

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