Ethereum Forecast: Bears Might Pull ETHUSD Towards $190 Levels

October- 25, 2018 | AtoZ Markets

All cryptocurrencies in the market have been experiencing a bearish movement over the last week. Ethereum has shown a sluggish performance out of all the major coins. 

The price of the coin is trading at $204 according to Bitfinex exchange, with low volume trades. From the last Week, the price has dropped by 2.89% with a total volume of over $ 402.74 M. The highest price, $ 208.39, was on Sunday, 21 October.

ETHUSD Daily Technical Analysis

Ethereum candlesticks are forming a descending triangle for the price trend as the downward trend line was started from $465 to $225 is now approaching the current support set at $182. Therefore, a bearish momentum might be noticeable from the Ethereum charts.

On the daily charts, the SMA 100 line is below the SMA 200 which indicates the path of least resistance is in the downward direction. Thus, a bearish rally towards the lower level is likely possible as the gap between the two MAs widened. 

The RSI(14) has refused to take a strong position as it is valued below 50. At present, the indicator is suggestive of a sideways trend by walking on a straight horizontal path.

The price of the coin also rejected near the 61.8% Fib retracement level of the last drop from the $207 swing high to $198 low. Thus, there was a fresh decline and the price moved below $201 and $200 levels. The pair also closed below the $200 level and the 100 hourly SMA. It seems like the price may continue moving down towards the $197-198 zone.

In conclusion, if the price fails to hold above $197 then there might be more losses towards $190 mark.

  • The Relative Strength Index placed at period 14 is valued below 50 which signals "Sell" in daily time-frame.
  • The William%R signals the selling action on the daily time-frame.
  • MACD(12,26) – "Sell" signal in weekly charts.
  • ATR(14) signals that Ethereum is less volatile.

Ethereum Pivot Points

Ethereum price is holding a strong daily support at $204 and resistance near $207 levels.

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