Ethereum (ETH) Price Holding Uptrend Support, Can Buyers Bounce Back?
ETH price started a major downside correction after testing the $180 resistance area against the US Dollar.
The price declined below the $170 level and even settled below the $165 support area.
There is a short term bearish trend line formed with resistance at $160 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could dip again towards the $153 support before it could bounce back in the near term.
Ethereum Price (ETH) Recovery Could Face Hurdles Near $190-$195
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...
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Ethereum price traded in a range after starting a downside correction versus the US Dollar and bitcoin. ETH could climb back up as long as it stays above the $153 or $150 support.
Ethereum Price Analysis
After a significant upward move, Ethereum price faced a strong resistance near the $180 level against the US Dollar. The ETH/USD pair started a downside correction and traded below the $170 support level. Sellers even succeeded in pushing the price below the $165 support and the 100 hourly simple moving average. Finally, there was a break below the $160 level and the price tested the $153-154 area. A swing low was formed near $153.57 and later the price rebounded.
It broke the 23.6% Fib retracement level of the last decline from the $180 high to $153 swing low. However, the price failed to gain traction above the $165 resistance area (the previous support). Besides, there was no proper test of the 50% Fib retracement level of the last decline from the $180 high to $153 swing low. This means the price may decline to a new swing low below $153.57 before it could rebound above $165. It is currently trading just above the $155 level and the 100 hourly simple moving average.
In the short term, there could be another dip towards $153 or even $150 before buyers appear again. In the worst case, the price might even drop towards the key $145 support area. On the upside, there is a short term bearish trend line formed with resistance at $160 on the hourly chart of ETH/USD.
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Tuesday August 13, 2019
The United Nations has launched an investigation into North Korean cyber-attacks which targeted cryptocurrency exchanges in the neighboring South. India has also been a victim in the digital crime spree which targeted 17 countries...
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Looking at the chart, Ethereum price is clearly correcting the recent gains and it may extend its decline below $153. To start a fresh upward move, the price must clear the $160 and $165 resistance levels. A convincing close above the $165 resistance might complete the current downside correction. Conversely, if we drop to a new swing low, we need to see the next base either around $150 or $145.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving back in the bullish zone.
Hourly RSI – The RSI for ETH/USD declined towards the 30 level and recently recovered above 42.
Major Support Level – $153
Major Resistance Level – $165
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Bitcoin: Analysts Target $10,000 Region in Near-Term as Bears Build Strength
Sunday August 11, 2019
Bitcoin has been incurring increased levels of volatility as of late, which may be partially due to the newly formed inverse correlation between BTC and altcoins. As of late, most major altcoins have been...
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