The crypto market have finally started to move downward, with Bitcoin price dropped to 2018 lows, Ethereum is down by 4.16% to $85 level. This bearish trend was anticipated after the massive declines since Bitcoin broke down the descending triangle pattern formation in the daily chart.
Ethereum Technical Analysis
Looking at the charts, there was a minor upside move above $88 and $90 in Ether price against the USD. The ETHUSD pair tested the $90 resistance area and faced a solid selling pressure. As a result, there was a bearish reaction and the price of the coin declined below the $87 and $85 support levels. There was also a close below the $87 level and the 100 hourly SMA.
Moreover, a new intraday low was formed at $84.67 and it seems like the price of Ether might decline further. It is currently correcting higher above $85 level. An initial resistance is the 50% Fibonacci retracement level of the recent decline from the $90 swing high to $84.67 swing low. Also, there is a new connecting bearish trend line formed with resistance at $89 on the hourly chart of ETHUSD pair.
An intermediate resistance is the 61.8% Fibonacci retracement level of the recent decline. It seems like there is a bunch of resistances formed between $88 and $90 zone. Therefore, as long as the price of Ethereum is below $90 level, it could continue to decline.
In concusion, Ethereum price might break the $82 support level. The next key support is below $80 level, below which Ethereum's price will most likely to accelerate towards the $75 handle.
Ethereum Pivot Points
Ethereum price has a significant daily support near $85 levels and resistance near $91 levels.
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