Ethereum Price Analysis: ETH/USD Testing a Key Resistance Level

Ethereum Price Analysis: ETH/USD Testing a Key Resistance Level

Ethereum has been trending lower on its 1-hour time frame and is testing the descending trend line connecting the highs since last week. This lines up with the 61.8% Fibonacci retracement level at the $550 mark and a continuation of the drop could lead to a test of the swing low near $450.

This area lines up with a longer-term rising trend line highlighted previously, so a break below this could signal that a prolonged selloff is underway. The 100 SMA is below the longer-term 200 SMA on the 1-hour chart, which means that the path of least resistance is to the downside. In other words, the downtrend line is more likely to hold than to break.

In addition, the 100 SMA is close to the trend line to add to its strength as a ceiling. The gap between the moving averages is also widening to reflect stronger selling momentum.

Stochastic is heading south to show that bearish pressure is present. RSI hasnt quite reached overbought areas but is also turning lower, which suggests that ETH/USD might follow suit.


The G20 Summit this week could determine where cryptocurrencies might be headed over the next few days as world leaders would likely share their thoughts on bitcoin and the like. Recall that IMF head Lagarde seems more focused on cracking down on criminal activity involving cryptocurrencies, but other world leaders could be open to developments.

If so, ethereum and its peers could see some upside on a relief rally. Recall that headlines havent been so positive for the industry over the past week, but it looks like the concerns are fading.

Apart from that, dollar price action could also take center stage with the FOMC decision lined up. An interest rate hike of 0.25% is widely expected, but theres a strong chance that policymakers could temper this with cautious remarks. Further concerns about inflation could dampen dollar gains, which might be positive for ETH/USD.

18.03.2018 / 21:20 32
Bitcoin Price Analysis: Are BTC/USD Bulls Finally Returning Now? Bitcoin Price Analysis: Are BTC/USD
Bitcoin has surged past the descending trend line connecting the highs since March 7, signaling a short-term reversal from the drop. Price has also
Ethereum Price Analysis: Another ETH/USD Make or Break Zone Ethereum Price Analysis: Another
Ethereum broke below a head and shoulders neckline to indicate that a selloff is underway. However, there are several support areas nearby that could
Bitcoin Price Analysis: Any Support Area In Sight? Bitcoin Price Analysis: Any Support
Bitcoin broke below short-term consolidation to signal further bearish momentum. Price is inside a descending channel on its daily time frame after
Ethereum Price Weekly Analysis  ETH/USD Could Break Down Ethereum Price Weekly Analysis
Key Highlights ETH price is under a lot of selling pressure and it remains below the $750 level against the US Dollar. There is a key connecting
Bitcoin Cash Price Weekly Analysis  BCH/USD in Downtrend Bitcoin Cash Price Weekly Analysis
Key Points Bitcoin cash price remains in a downtrend and is currently below $1,000 against the US Dollar. There is a major bearish trend line forming
Bitcoin Cash Price Technical Analysis  BCH/USD Testing Key Support Bitcoin Cash Price Technical Analysis
Key Points Bitcoin cash price was not able to move above the $1,280 and $1,290 resistance levels against the US Dollar. There is a key bullish trend
Comments (0)
Add a comment
Comment on