November 23, 2018 AtoZ Markets - The price of Ethereum has taken another downturn, seeing it fall to new lows for the year and levels not seen since May of the previous year. As per the data from coinmarketcap.com, Ethereum price is trading bearish near the $123 level with the 24-hours volume of $171 Million. At the time of press, the coin has a market cap of $12.7 Billion.
Ethereum Technical Analysis
Yesterday's Ethereum charts shows a minor upside correction in ETH price from the $122 support against the USD. The ETHUSD pair corrected above the $130 and $132 levels. Also, the price of the coin moved above the 50% Fibonacci retracement level of the last decline from the $145 highs to $121 swing lows. However, the upside move was capped by the $135 resistance levels.
As per the charts, the 100 SMA line is still below the long term 200 SMA which indicates that the path of the least resistance is towards the downward direction. Thus, bearish rally might be seen in the upcoming days.
Moreover, the buyers also failed to break the 61.8% Fibonacci retracement level of the last slide from the $145 highs to $121 swing lows. Moreover, there is a new bearish trend line formed with resistance at $127 on the hourly chart of ETHUSD. Clearly, the pair failed to gain traction above the $136 level and declined downwards.
The recent downside move was attributed to that the price of Ether broke the $124 and $122 support levels. More importantly, the price of Ether traded to fresh yearly low below $120 levels. It seems like seller are back and they might push the price further lower towards the $115 or $110 levels in the short term.
To sum up, Ethereum price is likely to complete a short term correction from the $122 support zone. It failed to cross key resistances near $136 and $140, resulting in a fresh decline. It is likely possible that the bears might rule the market and could break the price of Ethereum below $120 levels soon.
- 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 Pivot Points
Ethereum price has a significant support near $120 levels and resistance near $135 levels.
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