Ethereum price analysis: ETH/USD sits in a long-term range

By November 11, 2019 Ethereum
Click here to view original web page at www.fxstreet.com
  • Ethereum price retreated from the recent high moving in sync with the market
  • The next support awaits ETH bears on approach to $180.00.

ETH/USD is trading at $186.57 at the time of writing, having retreated from the intraday high of $190.28. The second-largest digital asset with the current market value of $20.3 billion has lost 1.34% of its value since the beginning of Monday and stayed mostly unchanged on a day-to-day basis.

Ethereum’s technical picture

From a long-term pint of view, ETH/USD has been oscillating in a broad range since the end of September. The upper border of the range is created by psychological $200.00. The coin approached it twice, but failed to gain enough bullish momentum to break higher. The downside boundary at $160.00 has been tested four times. Most recently, ETH/USD touched $153.28 before climbing back inside the range.

ETH/USD, the daily chart

ETH/USD is supported by psychological $186.00. THis support area is strengthened a confluence of technical indicators, including SMA100 (Simple Moving Average), SMA200 and the lower line of the Bollinger Band on 1-hour chart. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $185.54 (the recent low) and $180.00.

On the upside, a recovery above $189.00 will mitigate the initial bearish pressure and allow for the next move towards $190.00 followed by the intraday high of $199.28

ETH/USD, 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

The next support awaits ETH bears on approach to $180.00.

ETH/USD is trading at […]

Leave a Reply