Ethereum price might continue to consolidate before testing the daily resistance. Here is the short-term technical analysis of Ethereum using MAs and Fibonacci retracement charts.
18 October 2018, AtoZMarkets - Yesterday, Ethereum price was in a sideways trend. The price of the coin is constantly fluctuating horizontally above the $200 price level. Since the overall crypto market is consolidating in the range-bound zone. The traders will not be able to trade as the market is not trending. However, few of the coins such as Quantum, NEO, and ZCash are outperforming and hiked more than 6% in a single day.
Ethereum is trading at $211 mark according to Bitfinex exchange. The coin has a market cap of 21.24 Billion at the time of writing. In the last 1 Week, the price of Ethereum has moved by 3.26% with a total volume of over $ 858.70 Million. The highest price, $ 232.03, was on Monday, 15th October.
Ethereum Technical Analysis
On the daily charts, Ethereum price failed to break the $208 and $210 resistance levels against the USD. The ETHUSD pair slowly moved downwards and traded below the $205 support. It tested the $200 support and pointed below the 100 hourly SMA. Also, the coin once breaks below yesterday's bullish trend with support at $205. However, the price found a strong support near the $200-202 levels and the coin is currently consolidating in a range-bound zone.
Also, the SMA 100 line is below the SMA 200 which indicates that the path of least resistance is pointed towards the downside. This suggests that the Ethereum price might face bearish pull towards $205- $202 range.
According to Fibonacci retracement analysis, Ethereum is hovering near the 38.2% Fib. retracement zone. A forwards rally in short-term might be seen if the prices break the $216 handle. From that point, the buyers might be willing to trade as the trend becomes bullish above that point. The technical analysis indicates that the prices might turn bullish in the short-run but eventually take a sideways approach.
- The Relative Strength Index placed at period 14 is valued near 50 which signals "Neutral" in daily time-frame.
- The William%R also signals the "Sell" action on weekly charts.
- MACD(12,26) – "Sell" signal in weekly charts.
- ATR(14) signals that Ethereum is less volatile.
Ethereum Daily Pivot Points
Ethereum has a daily support near $210 and resistance near $215 levels.
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