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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum Price Technical Analysis
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ETH Price Tech Analysis 03/25/2016 – Buyers Struggle To Keep Pace

Aayush Jindal by Aayush Jindal
8 years ago
in Cryptocurrency Market News, Technical analysis
Reading Time: 2 mins read

Key Highlights

  • Ethereum price after dipping towards $11.00 jumped higher once more to create a new weekly high of $12.48.
  • It looks like buyers are struggling to keep the pace, and as a result, there was a downside reaction noted during the past couple of sessions.
  • A bullish trend line on the hourly chart (data feed via Kraken) was broken to pave the way for more losses in the near term.

Ethereum price struggled during the last couple of sessions. ETHUSD also broke a major support area and may move down from the current levels.

Ethereum Price – More Losses Likely?

Ethereum price traded as high as $12.48 yesterday, and it looks like it was a short-term top created. The price was seen struggling since then, and it the current trend continues, then ETHUSD may move down further moving ahead. Recently, the price broke a major support area, which is not a good sign for the ETH bulls in the near term.

There was a bullish trend line formed on the hourly chart (data feed via Kraken), which was broken recently. Moreover, the price is now below the 38.2% Fib retracement level of the last wave from the $9.50 low to $12.48 high. The most important move was ETHUSD closing below the 100 simple moving average (hourly, data feed via Kraken). All in all, there are many bearish signs for the price as of writing.

Ethereum Price Technical Analysis

On the positive side, the price is finding bids near the 50% Fib retracement level of the last wave from the $9.50 low to $12.48 high and currently making an attempt to close back above the 100 SMA. If the bulls fail, then the price may head down once again. If they succeed, then there is a chance of ETHUSD heading towards the $12.00 level.

Hourly MACD – The MACD may change the slope to the bullish area, which may be a good sign for the bulls.

Hourly RSI – The RSI is below the 50 level, suggesting bulls are struggling to keep pace.

Intraday Support Level – $11.00

Intraday Resistance Level – $12.00

 

Charts courtesy of Kraken via Trading View

Tags: ethereumethereum newsethereum priceEthereum Price analysisEthereum Price chartEthereum Price Technical Analysisethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdtrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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