Ethereum Price Technical Analysis 03/08/2016 – Bears Take Note

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Key Highlights

  • Ethereum price finally showed some bearish signs, and after testing the $12.00 handle moved down.
  • There is a bearish trend line formed on the hourly chart (data feed via Kraken), which can act as a reason for a downside move.
  • The price is now below the 100 hourly simple moving average, which is a short-term bearish sign for the bears.

Ethereum price traded down finally and also moved back below $10.0. It looks like there is a chance of a minor correction moving ahead.

Ethereum Price – Sell Near Trend Line?

Ethereum price as highlighted yesterday made a new high of $11.98 where it found sellers and started to move down. The price also traded below the $10.0 level, which is a sign that bulls stepped back and failed to prevent losses. If the bears manage to gain strength, then there is a chance of more losses in the near term.

There is a bearish trend line formed on the hourly chart (data feed via Kraken), which can be seen as a resistance zone for the price. On the upside, an initial resistance can be around the 38.2% Fib retracement level of the last drop from the $11.98 high to $9.07 low. The stated fib


Read more ... source: TheBitcoinNews

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