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


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.

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