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Technical analysis

Ethereum Price Forecast: ETHUSD Pair Might Trigger the "Double Digit"

Amandeep Sonewane | Nov. 26, 2018
Ethereum Price Forecast: ETHUSD Pair Might Trigger the "Double Digit"

November 26, 2018 AtoZ Markets  In the worst hit since 14 months, the entire cryptocurrency market got wiped out of $50+ Billion in a week, bringing the total market capitalization to 120 Billions. Ethereum is down 27.14% in the last 7 days according to coinmarketcap.com stats, and currently trading at $114.2. The coin has a market cap of $11.8 Billion.

Ethereum Technical Analysis

In the weekly technical analysis chart, a sharp downward move towards $100 in Ethereum price against the USD was seen in the charts. Ethereum price moved down and traded below the $110 support. The price of the coin even broke the $100 level and formed a new yearly low at $98 levels. Later, Ether price shows a decent upside correction and the price moved above $100 and $110 levels. Also, there was a break above the 50% Fibonacci retracement level of the recent decline from the $126 highs to $98 lows.

The 100 SMA line is below the 200 SMA which signals that the path of least resistance is towards the downside direction. Thus, a bearish rally might be seen in the near term.

Moreover, the price of the coin rallied right into a major resistance near $118 level. There is a major bearish trend line formed with resistance at $116 on the hourly chart of ETHUSD pair. It seems like the previous support near $118 is now acting as a solid resistance zone.

The price of Ethereum also struggled to settle above the 61.8% Fibonacci retracement level of the recent decline from the $126 highs to $98 lows. At the moment, the price is moving down towards $110 handle and is following the same bearish trend line. If there is an upside break above $116 and $118, the price of the coin might recover towards the $125 zone.

In conclusion, Ethereum price is clearly under a lot of pressure below $118 and $123 supports. If it resumes its slide, there could be more losses towards $100 and $95 in the near term.

  • RSI(14) is valued above 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 highly volatile.

Ethereum Daily Pivot Points

Ethereum price has a significant daily support near $123 levels and resistance near $136 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 Markets.com, nor should they be attributed to AtoZMarkets.