Analysis Technical

Ethereum Price Analysis: ETH/USD Nosedives Below $150 Support

Aayush Jindal | November 20, 2018 | 6:28 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Nosedives Below $150 Support

Aayush Jindal | November 20, 2018 | 6:28 am

Key Highlights

  • ETH price failed to recover and declined below the $150 level declined against the US Dollar.
  • There is a short term bearish trend line in place with resistance at $150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair traded to multi month low and it could continue to move down below $140.

Ethereum price fell sharply against the US Dollar and bitcoin. ETH/USD broke the $150 support and it is currently consolidating losses.

Ethereum Price Analysis

Yesterday, we saw a major decline below $175 in ETH price against the US Dollar. The ETH/USD pair broke the $179 and $175 support levels to start a fresh decline. Later, bitcoin price declined heavily and broke the $5,000 support. It increased bearish pressure on ETH and pushed it below the $165 and $160 support levels. More importantly, there was a break below $150 and the price settled below 100 hourly simple moving average.

A new multi month low was formed at $142 and later the price started consolidating losses. It recovered a few points above the $145, but there are many hurdles on the upside. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $179 high to $142 low. Moreover, there is a short term bearish trend line in place with resistance at $150 on the hourly chart of ETH/USD. If there is a break above the $150 and $151 level, the price could correct towards $160. It represents the 50% Fib retracement level of the recent decline from the $179 high to $142 low.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is trading in a nasty downtrend and it could decline further below the $142 low. The next major support is near $140, below which the price could trade to $125.

Hourly MACDThe MACD is slowly moving back in the bullish zone.

Hourly RSIThe RSI is currently attempting a recovery from the oversold area.

Major Support Level – $140

Major Resistance Level – $160

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!

Google play logo

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