November 16, 2018 AtoZ Markets - Yesterday's fall in crypto markets continues today, with Ethereum dipping below the $180 mark, and total market capitalization dropping as low as $174 billion, according to data from CoinMarketCap.com.
After an extended period of low price volatility, crypto markets experienced a massive decline on yesterday, with Ether price dropping from its average trading price of around $214 to as low as $168 mark.
Ethereum Technical Analysis
The technical charts shows that their was a major downside move below the $170 level in Ether price against the USD. The price of Ethereum traded as low as $165 and later started a short term recovery. Afterwards, the price of the coin moved above the $170 and $175 levels and later started consolidating in a tight range. The price of Ether also moved above the 23.6% Fibonacci retracement level of the last decline from the $208 high to $165 lows.
More importantly, there was a break above a short term bearish trend line with resistance at $173 on the hourly chart of ETHUSD pair.
According to the daily charts, ETHUSD pair is currently struggling to clear the $180 resistance area. Above $180, the next resistance is near the $190 level. This represents that the 50% Fibonacci retracement level of the last decline from the $208 highs to $165 lows. Therefore, if the Ether price continues to move higher, it is likely to face a strong selling pressure near $185- $190 levels. A close above $190 mark might open the doors for a push towards $200 (next resistance).
In conclusion, Ethereum price is showing positive signs above the $170 level, but it won’t be easy for buyers to move the price to next levels. On the downside, an initial support is at $175 followed by $165. If there is a break below the recent low of $165 levels, the price of Ethereum might drop to $160 level.
- RSI(14) is valued below 50 which signals "Sell" 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 has a significant support near $175 and resistance near $190 levels.
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