Ethereum price has failed to cross the strong resistance and declined against the USD. ETHUSD pair might even break the yesterday's supports and extend losses in the upcoming days.
November 27, 2018 AtoZ Markets – Ethereum, the third-biggest cryptocurrency by market cap, sparkled bearish trend since the past few weeks. According to CoinMarketCap, Ethereum is trading at $105 mark with a market cap of $10.8 billion. The cryptocurrency has a 24 hours trading volume of $163 million and has plunged by 19.09 % in the past seven days.
ETHUSD Pair Could See "Double-Digit" in Near Term
Yesterday's chart shows that Ethereum has recovered above the $115 level against the USD. However, the ETHUSD pair failed to gain traction above the $118 resistance level. ETHUSD pair was rejected near the 61.8% Fibonacci retracement level of the last drop from the $127 highs to $100.96 lows. Also, there was no close above $118 resistance and the 100 hourly SMA.
The 100 SMA line is below the long-term 200 SMA line which suggests that the path of least resistance is towards the downward direction. The gap between the two SMAs widens due to high volatility and panic selling. Thus, it is likely possible that the Ether price might gain traction towards lower levels.
The price of the Ether was rejected, resulting in a fresh decline below the $110 levels. Besides, there is a crucial bearish trend line in place with resistance at $113 on the hourly chart of ETHUSD pair. The pair recently broke the 50% Fibonacci retracement level of the last wave from the $100.96 lows to $119 highs.
In the short term, there could be a minor upward move, but upsides are likely to be capped near $113 pivot point. On the downside, an immediate support is at $104 followed by $98 level.
To sum up, Ethereum price is likely to extend the bearish rally if sellers remain in control below $110 level. The price of Ethereum might break the $98 support level to post new 2018 lows in the upcoming days.
- RSI(14) is valued at 16.7 which signals "Oversold" 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 daily support near $105 levels and resistance near $120 levels.
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