Ethereum Price Technical Analysis – ETH Trend Overwhelmingly Negative

Key Highlights

  • Ethereum price continued to trade down against the US Dollar and remained in a downtrend.
  • There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a downside mover for the price.
  • The price remained under a lot of pressure, which poses a threat of more losses in the short term.

Ethereum price recovered a few points, but found sellers once again. ETH/USD is now below $12.00, which is a bearish sign.

Ethereum Price Downtrend

There was no relief for the ETH buyers, as Ethereum price remained in a downtrend versus the US Dollar. There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a resistance for the upside move and pushing the price down. The worst part is the fact that the pair closed below an important support area of $12.00, which might increase bearish pressure in the short term.

Moreover, the 100 hourly simple moving average is also positioned just above the trend line resistance to act as a barrier for the ETH buyers. An initial resistance on the upside can be around the 23.6% Fib retracement level of the last drop from the $13.02 high to $11.54 low. No doubt, the price is under a lot of pressure, and if the current trend solidifies, ETH/USD may even head towards $11.00 in the short term.

Ethereum Price Technical Analysis

Ethereum Price Technical Analysis

Only a break and close above the trend line resistance can take the price towards the 61.8% Fib retracement level of the last drop from the $13.02 high to $11.54 low, which is at $12.45. I think selling remains the only preferred option at this moment with a stop above the 100 hourly SMA.

Hourly MACD – The MACD is in the bearish slope, calling for more losses.

Hourly RSI – The RSI is also below the 50 level, which is a bearish sign.

Major Support Level – $11.50

Major Resistance Level – $12.00

 

Charts courtesy of Kraken via Trading View

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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