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Technical analysis

Forecast: Ethereum Price Might Experience Bullish Momentum Near $190 Resistance

Amandeep Sonewane | Nov. 16, 2018
Forecast: Ethereum Price Might Experience Bullish Momentum Near $190 Resistance

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.

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.