Analysis Technical

Ethereum Price Analysis: ETH/USD Resumes Decline Below $110

Aayush Jindal | November 27, 2018 | 6:28 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Resumes Decline Below $110

Aayush Jindal | November 27, 2018 | 6:28 am

Key Highlights

  • ETH price failed to break the $119 resistance level and later declined against the US Dollar.
  • There is a crucial bearish trend line in place with resistance at $113 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to extend the current decline below the $105 and $102 support levels.

Ethereum price failed to gain traction and declined against the US Dollar and bitcoin. ETH/USD could even break the $98 low and extend losses in the near term.

Ethereum Price Analysis

Yesterday, we saw a decent recovery above the $115 level in ETH price against the US Dollar. However, the ETH/USD pair failed to gain traction above the $118 and $119 resistance levels. It was rejected near the 61.8% Fib retracement level of the last drop from the $127 high to $98 low. More importantly, there was no close above $118-120 and the 100 hourly simple moving average.

The price was rejected, resulting in a fresh decline below the $115 and $110 levels. Besides, there is a crucial bearish trend line in place with resistance at $113 on the hourly chart of ETH/USD. The pair recently broke the 50% Fib retracement level of the last wave from the $98 low to $119 high. At the outset, the price is following a declining channel with resistance at $106 on the same chart. In the short term, there could be a minor upward move, but upsides are likely to be capped near $110 or $113. On the downside, an immediate support is at $102 followed by $100.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is likely to extend the current decline if sellers remain in control below $110. The price may even break the $100 and $98 levels to post new 2018 lows in the near term.

Hourly MACDThe MACD is currently in the bearish zone.

Hourly RSIThe RSI settled below the 50 level with a negative angle.

Major Support Level – $100

Major Resistance Level – $113

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.