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.
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