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Technical analysis

Analysis: Ethereum Price Remains Safe Above $120 Level

Amandeep Sonewane | Nov. 21, 2018
Analysis: Ethereum Price Remains Safe Above $120 Level

November 21, 2018 AtoZ Markets  - Ethereum price has fallen to its lowest level in nearly 18 months timeframe, as the crypto market sector has continued to suffer growth uncertainty. The third-largest cryptocurrency on the market suffered heavy losses yesterday, with its price dropping below the $150 level for the first time in 16 months.

The price of coin dropped to an intraday low of $147.85, before closing the session at $149.18, according to data from crypto tracker Coinmarketcap. This was well below the coin’s opening price of $177.18.

During the last week, the price of Ethereum has dropped by -33.49% with a total volume of over $ 1.58 Billion. The highest price of Ethereum, $ 207.00, was on 14 November 2018 at 11:00 GMT, whilst the lowest price, $ 124.36, was on 20 November 2018 at 10:00 GMT.

Ethereum Technical Analysis

Looking at the weekly charts, Ethereum price is in heavy downtrend and the price declined below $140 level. The ETHUSD pair dropped sharply and traded below the $140 and $132 support levels. The bearish pressure on the crypto market has dropped the price to trade close to $120 level. A low was formed at $121 levels and the price of Ether is currently well below the 100 hourly SMA.

Currently, the price of Ether is consolidating above the $120 support. ETHUSD recently traded above the 23.6% Fibonacci retracement level of the recent slide from the $145 high to $121 lows. However, there are many resistances on the upside near the $136- $138 levels.

More importantly, yesterday’s highlighted key bearish trend line is intact with resistance at $138 on the hourly chart of ETHUSD. The trend line is close to the 61.8% Fibonacci retracement level of the recent slide from the $145 highs to $121 lows. Therefore, any upside move towards the $138- $140 levels is likely to find a strong selling pressure.

To sum up, Ethereum price is trading nicely above the $120 support level. As long as the price is above $120 levels, there is a chance of an upside break towards the $140 and $150 levels in the near term. Below $120, the Ethereum price might trade drop towards $105- $100 levels.

  • RSI(14) is valued below 50 which signals "Sell" action in daily time-frame.
  • William%R – "Oversold" signal on the daily time-frame.
  • MACD(12,26) – "Sell" signal in daily charts.
  • ATR(14) – signals that Ether is less volatile.

Ethereum Pivot Points

Ethereum price has a significant support near $120 levels and resistance near $150 levels.

Think we missed something? Let us know in the comments section below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.