Analysis Technical

Ethereum Price Analysis: ETH Buyers Not Out of Woods Yet

Aayush Jindal | January 17, 2019 | 4:08 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH Buyers Not Out of Woods Yet

Aayush Jindal | January 17, 2019 | 4:08 am
  • ETH price is currently struggling to settle above the $124-125 resistance area against the US Dollar.
  • There is a new connecting bearish trend line formed with resistance at $127 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may continue to find a strong buying interest near the $120 and $118 support levels.

Ethereum price struggled to break key resistances against the US Dollar and bitcoin. ETH/USD remains supported on dips, but a break above $127 is needed for more gains.

Ethereum Price Analysis

After an increase in the bearish sentiment, ETH price dropped towards the $118 support against the US Dollar. The ETH/USD pair found a lot of buyers near the $117-118 zone, resulting in a decent upside correction. The price jumped sharply above the $120, $124 and $127 levels. Buyers were successful in piercing the 50% Fib retracement level of the recent decline from the $130 swing high to $117 swing low. There was a spike above the 100 hourly simple moving average and $128.

However, the price failed to stay above the $127 resistance and later declined. There was a rejection near the 76.4% Fib retracement level of the recent decline from the $130 swing high to $117 swing low. The price is currently trading below the $125 resistance and the 100 hourly simple moving average. Moreover, there is a new connecting bearish trend line formed with resistance at $127 on the hourly chart of ETH/USD. Therefore, there are a few important hurdles near the $124, $125 and $127 resistance levels. A clear break and close above the trend line is must for an acceleration towards $130 and $135.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is facing tough resistances on the upside near the 100 hourly SMA and $127. Having said that, it remains well bid on the downside near the $120, $118 and $117 support levels.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently flat in the bearish wave, with no major bullish signal.

Hourly RSIThe RSI for ETH/USD is flirting with the 50 level, with chances of an upward move.

Major Support Level – $113

Major Resistance Level – $124

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.