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Technical analysis

ETHUSD Analysis: Ethereum Price Might Face Trouble Below $170 Support

Amandeep Sonewane | Nov. 15, 2018
ETHUSD Analysis: Ethereum Price Might Face Trouble Below $170 Support

November 15, 2018 | AtoZ Markets

After months of rangebound trading, cryptocurrencies are under a bear attack. The total market capitalization of the crypto market has dipped below $188 Billion. This is a negative sign for cryptocurrencies because it shows that, after a period of relative balance sellers are ruling the market.

Ethereum was surpassed by Ripple again in term of the market cap. At the time of press, Ethereum holds a market cap of $18.4 Billion. The price of the coin is trading below $180 levels with a 24 hours volume of $354 Million, in accordance with coinmarketcap data

Ethereum Technical Analysis

According to the Simple Moving Average indicator, the 100 SMA line is placed below the 200 line which clearly indicates the path of least resistance is towards the downward direction. In other words, a bearish momentum in Ethereum price can be seen in the upcoming days.

Yesterday, there was a sharp decline in Ethereum price below the $200 support zone against the USD. Bitcoin price also struggled with heavy losses, which increased the selling pressure in Ethereum price and other cryptos. Thus, pushed the ETHUSD pair below the $180 levels. The price of the coin traded to a new monthly low at $171.51 and it is currently well below the 100 hourly SMA. 

Ethereum price has recovered above the 23.6% Fibonacci retracement level of the recent drop from the $205 high to $171 lows. However, the upside moves faced a strong resistance near the $180 level. More importantly, there is a short-term contracting triangle formed with resistance at $178 on the hourly chart of ETHUSD pair. The pair might continue to move in a range below $180 before it makes the next move. 

If there is a downward break below $170, the price might test below the $155 levels, which is the next support. Further, the next support is placed near $140. On the other hand, a break above $180 is likely to face sellers near $185 levels. It represents the 50% Fibonacci retracement level.

In conclusion, the Ethereum price might remain at a risk of more losses below $170 and $165. Selling rallies close to $180 or $185 can be considered if there are no close above $200 levels.

  • RSI(14) is valued below 50 which signals "Sell" action in daily time-frame.
  • William%R – "Sell" 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 has a support near $170 and resistance near $210 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.