Ethereum Price Analysis: ETH/USD Losing Momentum Below $230

Key Highlights

Crypto Analyst: Bitcoin Price Could Be Trapped in Tight Range Until Halving
Sunday August 11, 2019

Bitcoin price action has turned bullish in anticipation of its upcoming halving since the start of 2019, and the leading crypto asset by market cap has only recently started to take a pause to...

The post Crypto Analyst: Bitcoin Price Could Be Trapped in Tight Range Until Halving appeared first on 12bitplay - Bitcoin Play.

ETH price failed to hold gains above $230 and $227, and declined against the US Dollar.
Yesterday’s followed important ascending channel was broken with support at $226 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is currently under pressure and it seems like it could decline towards $222 or $220 in the near term.

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Wednesday August 14, 2019

A weakening Chinese Yuan (Renminbi) is helping to fuel the bullish sentiment of bitcoin, according to Taimur Baig of DBS’ Singapore unit. The chief economist told Financial Times that the recent run-up in the...

The post Falling Renminbi Serious Use Case for Bitcoin: DBS Chief Economist appeared first on 12bitplay - Bitcoin Play.

Ethereum price is slowly moving lower against the US Dollar and bitcoin. ETH/USD is at a risk of a minor bearish reaction back towards $220.
Ethereum Price Analysis
There was a failure noted near the $230-231 zone in ETH price against the US Dollar. The ETH/USD pair started a downside move and traded below the $228 level. There was also a break below the $227 support and the 100 hourly simple moving average. The price extended losses and declined below the 50% Fib retracement level of the last wave from the $220 low to $230 high.
More importantly, yesterday’s followed important ascending channel was broken with support at $226 on the hourly chart of ETH/USD. The pair seems to be in a downside correction and it may decline further towards $222. An immediate support is positioned near the $224 level. It represents the 61.8% Fib retracement level of the last wave from the $220 low to $230 high. If the price breaks the $224 support level, there could be more losses towards the $222 and $220 levels. On the flip side, if the price moves higher, the previous support at $227 may act as a resistance.

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Friday August 16, 2019

ETH price declined to a new monthly low at $173 and recently recovered against the US Dollar. There was a break above the $180 and $182 resistance levels. This week’s followed major bearish trend...

The post Ethereum Price (ETH) Recovery Could Face Hurdles Near $190-$195 appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, ETH price is currently showing a few bearish signs below $230 and $227. As long as the price is below these levels, there is a possibility of an extended correction towards $224 or $222 in the near term.
Hourly MACD – The MACD is placed slightly in the bearish zone.
Hourly RSI – The RSI has moved below the 50 level with a bearish angle.
Major Support Level – $222
Major Resistance Level – $230
The post Ethereum Price Analysis: ETH/USD Losing Momentum Below $230 appeared first on NewsBTC.

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