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 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.

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