Ethereum Price Technical Analysis for 08/01/2016 – Watch out for this Pullback!

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Ethereum Price Key Highlights

  • Ethereum price had been moving inside a range between resistance near 0.00230 and support at 0.00215 before breaking to the downside.
  • Price dipped to a low of 0.00205 before showing signs of a pullback.
  • Using the Fibonacci retracement tool on the latest swing high and low shows that the 50% level lines up with the broken support, which might now hold as resistance.

Ethereum price might be ready to resume its drop to its previous lows or much lower after correcting to an area of interest.

Technical Indicators Signals

The 100 SMA is making a downward crossover from the longer-term 200 SMA, signaling that the path of least resistance is to the downside. These moving averages are near the 61.8% Fibonacci retracement level, which might act as the line in the sand for any pullback setups.

A break above the 61.8% Fib or the 0.00217 area might be enough to show that an uptrend is in order, potentially taking ethereum price back up to the range resistance at 0.00230 or higher.

Stochastic is moving up, which means that buyers are still in control of ethereum price action for the time being, but is nearing the overbought area. Once the oscillator reaches 80.0 and turns

Read more ... source: TheBitcoinNews

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