Ethereum Price Technical Analysis – ETH/USD Sell Complete

Key Highlights

• ETH price fell sharply against the US Dollar and moved below $16.50, as mentioned in yesterday’s post.
• Yesterday’s highlighted bearish trend line with resistance at $17.50 on the hourly chart of ETH/USD (data feed via SimpleFX) is still in play.
• The price is currently recovering, but likely to face sellers once again near $17.50.

Ethereum price moved down against the US Dollar to settle below $17.00. It looks like ETH/USD might remain under a bearish pressure for some time.

Ethereum Price under Pressure

Yesterday, we saw an increase in the bearish pressure on ETH price vs the US Dollar, as it moved below $18.60. The price extended the downside and declined further. There was a sharp downside move, taking the price below the $18.04 support area. It later moved below a couple of support levels like $17.60, $17.50 and $17.00. Overall, the bearish pressure got hold, and the price fell towards $16.00 to form a low at $16.06.

The most important point was yesterday’s highlighted bearish trend line with resistance at $18.70 on the hourly chart of ETH/USD (data feed via SimpleFX). It acted as a perfect resistance and pushed the price down to complete a sell near $16.50. At the moment, the price is recovering from the $16.06 low. It is attempting to break the 23.6% Fib retracement level of the last drop from the $19.10 high to $16.06 low.

However, the most important resistance is near $17.50. It coincides with the same resistance trend line at $17.55. Also, the 38.2% Fib retracement level of the last drop from the $19.10 high to $16.06 low is at $17.22. So, there are many resistances on the way up for the price.

Hourly MACD – The MACD is now placed well in the bearish zone.

Hourly RSI – The RSI is recovering from the 20 level, but remains well below the 50 level.

Major Support Level – $16.25

Major Resistance Level – $17.50

 

Charts courtesy – SimpleFX

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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