Ethereum Price (ETH) Near Inflection Point With Bearish Angle

ETH price started a short term upside correction from the $201 low against the US Dollar.
Ethereum price is currently trading near the key $215 resistance area and is showing bearish signs.
There is a key ascending channel forming with support near $212 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could either continue to rise above the $215 resistance or it might resume its downward move.

Ethereum price is trading near a major resistance versus the US Dollar and bitcoin. ETH price is likely to decline again if it fails to surpass the $215-$216 resistance zone.

Ethereum Price Analysis

Recently, we saw a sharp decline in ETH price below the $220 and $215 supports against the US Dollar. The price even broke the $210 support level and settled below the 100 hourly simple moving average. Finally, the price tested the $200-$201 support area. A swing low was formed near $201 and the price started an upside correction above the $205 level. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $226 swing high to $201 swing low.

The recovery was such that the price climbed above the $215 level and the 100 hourly SMA. However, the price failed to gain strength above the 50% Fib retracement level of the downward move from the $226 swing high to $201 swing low. Additionally, it seems like the price failed to surpass the previous support zone (now resistance) near the $215-216 region.

At the moment, the price is trading well below the $215 level and the 100 hourly SMA. An immediate support is near the $212 level. Furthermore, there is a key ascending channel forming with support near $212 on the hourly chart of ETH/USD. Therefore, if there is a downside break below the $212 support, Ethereum price could resume its decline below the $210 support. The next key support is near the $202 and $201 levels.

On the upside, the main resistance is near the $215 and $216 levels. If there is a successful close above the $216 level, the price could continue to recover. The next stop for the bulls in the mentioned case could be near the $220 and $222 levels.

Looking at the chart, Ethereum price is clearly trading near a couple of important hurdles near the $215 level. In the short term, there could be range moves before the price either breaks $216 or starts a fresh decline.

ETH Technical Indicators

Hourly MACD The MACD for ETH/USD is moving back into the bullish zone.

Hourly RSI The RSI for ETH/USD is moving lower towards the 50 level.

Major Support Level $212

Major Resistance Level $216

The post Ethereum Price (ETH) Near Inflection Point With Bearish Angle appeared first on NewsBTC.

11.08.2019 / 20:40 22
Bitcoin Price (BTC/USD) Signaling Bullish Continuation To $10,200 Bitcoin Price (BTC/USD) Signaling
Bitcoin price formed a solid support near the $9,200 level and recently recovered against the US Dollar. The price is trading nicely above $9,500 and
Ethereum Price (ETH) Dives Below $200 & BTC Down 15% Ethereum Price (ETH) Dives Below $200
ETH price declined heavily and broke the $220 and $210 support levels against the US Dollar. The price is down around 15% and it even broke the $200
Ethereum Price (ETH) Remains Sell Despite Recent Bitcoin Recovery Ethereum Price (ETH) Remains Sell
ETH price traded as low as $212 and recently corrected higher against the US Dollar. The price traded above the $220 and $225 resistance levels, but
Ethereum (ETH) Price Holding Support But Facing Many Hurdles Ethereum (ETH) Price Holding Support
ETH price failed to break the $322 resistance area and declined again against the US Dollar. The price broke the $310 support area and even tested
Ethereum (ETH) Price Turns Short Term Bearish: Sell Rallies? Ethereum (ETH) Price Turns Short Term
ETH price started a steady decline and broke the $252 support area against the US Dollar. The price traded towards the $230 level and formed a new
Ethereum (ETH) Price Holding Uptrend Support, Can Buyers Bounce Back? Ethereum (ETH) Price Holding Uptrend
ETH price started a major downside correction after testing the $180 resistance area against the US Dollar. The price declined below the $170 level
Comments (0)
Add a comment
Comment on