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Technical analysis

Ethereum Technical Analysis: Bearish Momentum to Continue for Struggling ETHUSD Pair

Amandeep Sonewane | Nov. 20, 2018
Ethereum Technical Analysis: Bearish Momentum to Continue for Struggling ETHUSD Pair

November 20, 2018 AtoZ Markets  - Cryptocurrency markets are again at their lowest levels in 2018. Losing over $40 billion in a week, traders and investors are wondering where this slide will end and how low things can go. Ethereum's market cap has taken a hit as a result, falling to $17 billion with a dump of almost $2 billion in a few hours.

As per the data from coinmarketcap, Ethereum price is trading below $135 level with the 24-hours volume of $337 Million. At the time of press, the coin has a market cap of $13.8 Billion.

Since last week, the price of Ethereum has dropped by 36.23% with a total volume of over $1.25 Billion. The highest price of Ether, $ 210.09, was observed on 13 November 2018 at 18:00 GMT, while its lowest price $124.36 was registered on 20 November 2018, at 10:00 GMT.

Ethereum Technical Analysis

Looking at yesterday's technical chart, Ethereum price declined below $140 support level. The ETHUSD pair broke the strong support levels to start a fresh decline. Later, the price of Bitcoin declined heavily and broke the $5,000 support. It increased bearish pressure on Ethereum price and pushed it below the $140 and $145 support levels.

A new yearly low was registered at $142 mark, and later the price started to consolidate a loss. It recovered a few points above the $145, but there are many hurdles on the upside. An initial resistance is the 23.6% Fibonacci retracement level of the recent decline from the $179 highs to $133 lows.

Moreover, there is a short term bearish trend line formation in place with resistance at $150 on the hourly chart of ETHUSD pair. If there is a break above the $150 and $155 levels, the price of Ethereum might correct towards $160. It represents the 50% Fibonacci retracement level.

Overall, as per the technical indicators, Ethereum's price is trading in a nasty bearish trend and it might decline below the $120 level. The next major support for Ether is placed at near $110, below which the price could accelerate more bearish pull.

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

Ethereum Pivot Points

Ethereum has a significant support near $140 and resistance near $170 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.