Analysis Technical

Ethereum Price Analysis: ETH/USD Losing Momentum Below $230

Aayush Jindal | October 10, 2018 | 6:28 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Losing Momentum Below $230

Aayush Jindal | October 10, 2018 | 6:28 am

Key Highlights

  • ETH price failed to hold gains above $230 and $227, and declined against the US Dollar.
  • Yesterday’s followed important ascending channel was broken with support at $226 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently under pressure and it seems like it could decline towards $222 or $220 in the near term.

Ethereum price is slowly moving lower against the US Dollar and bitcoin. ETH/USD is at a risk of a minor bearish reaction back towards $220.

Ethereum Price Analysis

There was a failure noted near the $230-231 zone in ETH price against the US Dollar. The ETH/USD pair started a downside move and traded below the $228 level. There was also a break below the $227 support and the 100 hourly simple moving average. The price extended losses and declined below the 50% Fib retracement level of the last wave from the $220 low to $230 high.

More importantly, yesterday’s followed important ascending channel was broken with support at $226 on the hourly chart of ETH/USD. The pair seems to be in a downside correction and it may decline further towards $222. An immediate support is positioned near the $224 level. It represents the 61.8% Fib retracement level of the last wave from the $220 low to $230 high. If the price breaks the $224 support level, there could be more losses towards the $222 and $220 levels. On the flip side, if the price moves higher, the previous support at $227 may act as a resistance.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is currently showing a few bearish signs below $230 and $227. As long as the price is below these levels, there is a possibility of an extended correction towards $224 or $222 in the near term.

Hourly MACDThe MACD is placed slightly in the bearish zone.

Hourly RSIThe RSI has moved below the 50 level with a bearish angle.

Major Support Level – $222

Major Resistance Level – $230

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!

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