Analysis Technical

Ethereum Price Analysis: ETH/USD Could Decline to $180

Aayush Jindal | September 18, 2018 | 7:00 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Could Decline to $180

Aayush Jindal | September 18, 2018 | 7:00 am

Key Highlights

  • ETH price is under a lot of pressure after it broke the $210 support against the US Dollar.
  • There was a break below a major contracting triangle with support at $210 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is under a lot of pressure and it could continue to decline towards the $180 level.

Ethereum price declined recently against the US Dollar and bitcoin. ETH/USD may perhaps continue to decline towards the $180 level in the near term.

Ethereum Price Decline

After failing near the $225 level, ETH price started a downside move against the US Dollar. The ETH/USD pair declined ad traded below the $210 and $200 support levels. There was also a close below the $200 level and the 100 hourly simple moving average. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $166 low to $227 high.

More importantly, there was a break below a major contracting triangle with support at $210 on the hourly chart of ETH/USD. The pair declined towards the $190 level and found support near $192. On the downside, the next support is near the 61.8% Fib retracement level of the last wave from the $166 low to $227 high. A downside break below the $192 level could open the doors for more losses. The most important support is near $180, which is close to the 76.4% Fib retracement level of the last wave from the $166 low to $227 high. If the price corrects higher, it could find resistance near the $200 and $205 levels.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price in a bearish zone and it could extend declines towards $190, $185 and $180. Below this last, it could even trade back towards the $166 level.

Hourly MACD – The MACD is moving in the bearish zone.

Hourly RSI – The RSI is currently well below the 40 and 30 levels.

Major Support Level – $190

Major Resistance Level – $205

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.

Casinos

Choose from the best UK casinos
and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.