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Amandeep Sonewane

13 November 2018

Cryptocurrency Technical analysis

Ethereum Price Forecast: ETHUSD Might Turn Bearish Below $207 Support

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November 13, 2018 | AtoZ Markets

Ethereum price is trading near $208 level with the 24 hours volume of $46.91 Million, in accordance with coinmarketcap.com data. At the time of press, the coin has a market cap of $111.48 Billion.

In the last 1 Week, the price of Ethereum has moved by $ -4.92 (-2.31%) with a total volume of over $ 441.07 Million. The highest price of the coin, $ 223.71, was on 07 November 2018 at 02:00 GMT. The lowest price, $ 206.61, was on 11 November 2018 at 18:00 GMT.

Ethereum Price Technical Analysis

Looking at the yesterday’s chart, the price of Ethereum holds a strong support near $207 against the USD. The ETHUSD pair recently recovered above $210 levels, but it faced a major hurdle near the $211- $212 level. As a result, there was a fresh decline below $210 and the 100 hourly SMA. The price of the coin dropped below the $207 support once again. Later, it climbed back above $210 and it is currently consolidating near $211.

An initial resistance is near $214 and the 50% Fibonacci retracement level of the recent drop from the $211 high to $205 low. Above this point, the price of Ethereum might retest the $214 resistance. Moreover, yesterday’s major bearish trend line is integral with resistance at $214 on the hourly chart of ETHUSD pair. The trend line coincides with the 76.4% Fibonacci retracement level of the recent drop from the $211 high to $205 low. Therefore, a proper close above the trend line and $210 might start a decent recovery. If there is no upside break above $211, the price might decline sharply below the daily supports which is placed at $207 zone.

In conclusion, Ethereum price is clearly struggling to recover above $210 levels. If it continues to struggle, the sellers might take control for a downside extension below $206 levels. 

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

Ethereum Daily Pivot Point

Ethereum price is holding a strong daily support at $210 and resistance near $215 levels.

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

Ether ETH/USD ETH Ethereum Ethereum Technical Analysis
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarkets.com, nor should they be attributed to AtoZMarkets.

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