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Ethereum Price Analysis: ETHUSD Pair at Risk Below $160 Support

Ethereum Price Analysis: ETHUSD Pair at Risk Below $160 Support

November 19, 2018 AtoZ Markets  Ethereum price is trading below $160 strong support level with the 24 hours volume of $179 Million, in accordance with data. At the time of press, the coin has a market cap of $16.23 Billion.

In the last week, the price of the coin has dropped by -25.75% with a total volume of over $ 981.04 mln. The highest price of Ether, $ 212.47, was on 12 November 2018 at 17:00 GMT. The lowest price, $ 153.03, was on 19 November 2018 at 11:00 GMT.

Ethereum Getting Highly Bearish After a Break Below $160 Support

Looking at the charts, the past sessions for Ether were highly bearish. Earlier, the ETHUSD pair recovered a few points from the last low of $165 level. The price of the coin traded above the $175 and $178 resistance levels. Also, it spiked above the 23.6% Fibonacci retracement level of the recent drop from the $205 highs to $165 lows. However, the upside for ETHUSD pair was capped by the $180 resistance zone.

The price of the coin declined back below $175, but it later made another attempt to clear $180 levels. However, buyers failed to gain strength above the $180 level and the 100 hourly SMA. Besides, there is a key connecting bearish trend line formed with resistance at $180 on the daily chart of ETHUSD pair.

Moreover, Ether is currently moving lower and trading below the $160 level. On the downside, the next support is placed at $145, below which there could be a solid decline towards the $140 levels. On the upside, a break above $180 might push the Ethereum price towards $185. It represents the 50% Fibonacci retracement level.

In conclusion, Ethereum price is clearly in a highly bearish zone below $160 and $155 levels. Also, the technical indicators signals that the sellers might soon gain control below the $155 support level for an extended decline. Thus, the price of Ethereum might drop towards $150- $145 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 has a significant support near $160 and resistance near $200 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, nor should they be attributed to AtoZMarkets.

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