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.
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