Ethereum Price Analysis ETH / USD: False Hope

By August 12, 2019Ethereum
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Technical indicators on the four-hour time frame currently have a slight bullish bias.

SIMETRI Research
ETH H4 Chart August 12 by TradingView
ETH / USD H4 Chart by TradingView

Pattern Watch

Traders should note that a bearish breakout from the triangle pattern could prompt a decline towards the $170.00 level.

Relative Strength Index

The RSI indicator on the four-hour time frame has a bullish bias and is currently attempting to stabilize above neutral territory.

MACD Indicator

The MACD indicator on the four-hour time frame is rising and is starting to issue a buy signal.

Ethereum / USD Medium-term price analysis

Ethereum has a neutral medium-term trading bias, with the ETH / USD pair consolidating around its trend defining 200-day moving average.

The daily time frame is showing that the ETH / USD pair is trading below the neckline of a bearish head and shoulders pattern, following a failed attempt to break higher.

Key technical resistance on the daily time frame is located at the $240.00 $275.00 levels, while key downside support is found at the $200.00 and $170.00 levels.

Technical indicators on the daily time frame currently have a slight bearish bias.

ETH Daily Chart August 12 by TradingView
ETH / USD Daily Chart by TradingView

Pattern Watch

Traders should be on guard for a strong upside rally towards the $275.00 level to complete the bearish head and shoulders pattern.

Relative Strength Index

The RSI indicator on the daily time frame is bearish and continues to issue a sell signal.

MACD Indicator

The MACD indicator on the daily time frame is turning lower and currently has a slight negative bias.

Conclusion

Ethereum is coming under increasing downside pressure and risks falling below the $200.00 level, following the recent rejection its 200-period moving average on the four-hour time frame.

Overall, bulls quickly need to rally the ETH / USD pair away from the $200.00 level in order to avoid triggering a bearish head and shoulders pattern.

Check out our introductory guide to Ethereum.

Ethereum Chart

Chart byCryptoCompare

Traders should note that a bearish breakout […]

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