Analysis Technical

Ethereum Price Analysis: Real Bounce In ETH Or Just Rebound?

Aayush Jindal | March 6, 2019 | 4:08 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: Real Bounce In ETH Or Just Rebound?

Aayush Jindal | March 6, 2019 | 4:08 am
  • ETH price climbed higher sharply and broke the $127 and $130 resistances against the US Dollar.
  • The price even broke the $134 resistance and retested the key $139 resistance level.
  • Yesterday’s highlighted key bearish trend line was breached with resistance at $130 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair rebounded nicely, but as long as it is below $139 and $140, it could decline once again.

Ethereum price surged higher and cleared many hurdles against the US Dollar and bitcoin. However, ETH/USD is still below the key $139 resistance, which could result in a fresh drop.

Ethereum Price Analysis

After a sharp decline, ETH price found support near the $122 level against the US Dollar. The ETH/USD pair started a solid recovery and broke the $124 and $127 resistance levels. Later, it broke the $130 resistance and the 100 hourly simple moving average. Besides, there was a break above the 61.8% Fib retracement level of the last drop from the $135 swing high to $122 swing low. It opened the doors for more gains and the price gained pace above $130 and $132.

During the rise, yesterday’s highlighted key bearish trend line was breached with resistance at $130 on the hourly chart of ETH/USD. Finally, there was a break above the $134 resistance and the price revisited the key $139 resistance. Sellers emerged near $139, resulting in a minor pullback. The price declined below the $136 and $135 levels. There was a spike below the 23.6% Fib retracement level of the recent wave from the $122 low to $139 high.

However, the $134 support acted as a decent buy zone and the price started consolidating gains. The current price action suggests that there could be more losses below $134. The price could drop towards the $130 support and the 100 hourly simple moving average. The 50% Fib retracement level of the recent wave from the $122 low to $139 high is also near the $130 level to act as a support. The next key support is near the $129 level (the previous resistance).

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price recovered nicely, but it faced a strong resistance near the $139 level. The stated level prevented gains earlier and it may continue to stop buyers near $139 and $140. As long as the price is below $139 and $140, it could decline once again in the near term.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is about to move back in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently correcting lower towards the 60 level, with a minor bearish angle.

Major Support Level – $134

Major Resistance Level – $139

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.