Price Analysis

Price Analysis | Ethereum Price Chart : Bearish Wave against the US Dollar

ETH price

After achieving an apex near the $98-100 zone, ETH price began a bearish wave against the US Dollar. The ETH/USD pair declined and traded below the $95 support and the 100 hourly Simple Moving Average. It opened the doors for more losses and the price recently broke the $92 and $90 support levels too. The sellers were witnessed to be in control and this further pushed the price beneath the $88 pivot level.

The past day reflected a breach in the major contracting triangle with a support at $88 on the hourly chart of ETH/USD. The ETH/USD pair traded as low as $85 recently and it is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $99 swing high to $85 low while an intermediate resistance is at the 50% Fib retracement level of the recent decline from the $99 swing high to $85 low. However, the first major hurdle is near the $91 level and the 100 hourly Simple Moving Averages. Above $91, the triangle resistance trend line is positioned at $93.

Ethereum Price Chart

Looking at the chart, ETH price is evidently facing a lot of obstacles starting at $91 and up to $93. A credible close above the $93 level is required for a decent recovery. If not, the price could break the $85 swing low and it may even assess an $80 mark.

The hourly MACD is slightly placed in the bullish zone with the hourly RSI placed just below the 50 level. The Major Support Level is placed at $80 and the Major Resistance Level at $93.

Related Articles

Cryptocurrency News | Bitcoin Cash Price lower than ETH price for the first time in few weeks

Akansha Kesarwani

Bubble in Bitcoin Future Volume is Speculated to Have its Roots in Asia

Akansha Kesarwani

Daily price analysis for Holo (HOT) – September 28, 2018

Akansha Kesarwani