Analysis Technical

Ethereum Price Analysis: ETH Breaks Down, Turned Sell on Rallies

Aayush Jindal | January 28, 2019 | 4:08 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH Breaks Down, Turned Sell on Rallies

Aayush Jindal | January 28, 2019 | 4:08 am
  • ETH price traded below the $114 and $112 supports levels to move into a bearish zone against the US Dollar.
  • There is a major bearish trend line formed with resistance at $112 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may correct higher a few points, but it likely to face sellers near the $112 or $114 level.

Ethereum price made a sharp bearish turn against the US Dollar and bitcoin. ETH/USD is now trading in a bearish zone and it could continue to move down towards $104.

Ethereum Price Analysis

In the weekly analysis, we discussed the next possible break in ETH price either above $120 or below $114 against the US Dollar. The ETH/USD pair failed to gain momentum above the $116 and $118 resistance levels. As a result, there was a bearish reaction below the $114 support. The pair even broke the $112 support and traded well below the 100 hourly simple moving average. The decline was such that the price even traded below the $110 level and formed a new low near $109.

At the moment, the price is consolidating losses near $110, with a bearish angle. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $117 high to $109 low. More importantly, there is a major bearish trend line formed with resistance at $112 on the hourly chart of ETH/USD. It won’t be easy for buyers to clear the trend line resistance and $112. The next hurdle is near the $113 level. It coincides with the 50% Fib retracement level of the recent decline from the $117 high to $109 low.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly trading in a bearish zone below the $114 and $112 levels. If there is an upside correction, the price is likely to face a lot of sellers near $112, $113 and $114.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is now placed heavily in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently placed in the oversold area, but with no major sign of a recovery.

Major Support Level – $104

Major Resistance Level – $112

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 top online casinos
in UK 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.