Categories: Ethereum

Ethereum Price Analysis: Another Bear Wave Before Higher?

Click here to view original web page at www.livebitcoinnews.com
  • Ethereum price topped near the $188 level and declined recently against the US Dollar.
  • ETH broke the $176 and $169 support levels to move into a short term bearish zone.
  • There is a major bearish trend line formed with resistance at $169 on the 4-hours chart (data feed from Coinbase).
  • The price could decline further towards the $150 support, where buyers are likely to emerge.

Ethereum price started a major downside correction from the $188-190 zone against the US Dollar. ETH could test the $150 support zone before it starts a fresh increase in the near term.

Ethereum Price Analysis

This past week, Ethereum price traded higher towards the $188-190 resistance against the US Dollar. The ETH/USD pair failed to climb towards $200, topped at $188, and finally started a major downside correction. There was a drop below the $176 support and a crucial bullish trend line with support at $175 on the 4-hours chart. It opened the doors for more losses below the $172 level and the 50% Fib retracement level of the last move from the $150 swing low to $188 swing high.

Moreover, there was a close below the $169 support and the 55 simple moving average (4-hours). Besides, the price spiked below the 76.4% Fib retracement level of the last move from the $150 swing low to $188 swing high. It traded towards the $156 level and recently bounced back. On the upside, there is a strong resistance formed near the $168 level and the 55 simple moving average (4-hours). There is also a major bearish trend line formed with resistance at $169 on the same chart.

Therefore, if the price corrects higher, it is likely to struggle near $169 and the 55 simple moving average (4-hours). A successful close above $169 and $170 is must for buyers to gain strength above $175 and $176. On the downside, an initial support is near the $156 level, below which the price may revisit the $150 swing low in the near term. Below $150, the price could test $142 and the 1.236 Fib extension level of the last move from the $150 swing low to $188 swing high.

Looking at the chart, Ethereum price is clearly in a corrective phase below $169 and $170. As long as it is below $170, there are chances of more losses towards the $156 and $150 support levels before buyers take a stand.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly reducing its bearish slope.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently moving lower towards the 45 level.

Key Support Levels – $156, followed by the $150 zone.

Key Resistance Levels – $170 and $176.

ETH broke the $176 and $169 support levels to move into a short term bearish […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: ethether

Recent Posts

Binance Coin Outlook For September 2019

SummaryBinance continues to be the number one crypto exchange throughout 2019, and BNB, its native token, has established itself as… Read More

1 hour ago

Johnstone: Biden’s Brain Is Swiss Cheese And It’s Creepy That We’re Not All Talking About It

Authored by Caitlin Johnstone via Medium.com, I didn’t watch the last Democratic presidential primary debates because I figured that without… Read More

1 hour ago

Will Bitcoin Mining Confidence Cause A BTC Price Spike To $28k?

Data from blockchain.com shows Bitcoin’s hash rate is at all-time-high. Last week, it peaked at 98.5 quintillion hashes per second.… Read More

1 hour ago

Bitcoin Mum despite Saudi Attack Raising Demand for Haven Assets

Bitcoin appeared stuck in a price-range on Monday as attacks on Saudi Arabia’s oil facilities raised concerns over global energy… Read More

1 hour ago

Bitcoin-Pumping Wealth Advisor Licks Chops Over Fed Meeting

A $10 billion wealth advisor predicts the next Fed rate cut will launch the bitcoin price to a new yearly… Read More

1 hour ago

High Throughput Blockchain Velas Lists on Leading Cryptocurrency Exchange BW.com

ZUG, SWITZERLAND / ACCESSWIRE / September 16, 2019 / Velas AG, the developer of the AI-powered DPoS blockchain of the… Read More

1 hour ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More