- ETH price traded lower sharply below the $100 and $90 support levels against the US Dollar.
- There are two key bearish trend lines formed with resistance at $96 and $102 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline and it may even break the $80 and $75 levels.
Ethereum price declined heavily against the US Dollar and bitcoin. ETH/USD is currently well below $90 and it could slide further towards $75 or $70.
Ethereum Price Analysis
Yesterday, we saw a massive break below $100 in ETH price against the US Dollar. The ETH/USD pair remained in a bearish zone and settled below the $100 level. The last swing low was formed at $94 before the price corrected higher. It moved above $100 and the 23.6% Fib retracement level of the last slide from the $112 high to $94 low. However, the upside move was capped near the $103 level.
The price failed near the 50% Fib retracement level of the last slide from the $112 high to $94 low. As a result, there was a fresh decline and the price traded below the $94 low. Sellers gained pace and pushed the price below the $90 and $85 levels. More importantly, the price is now well below the $100 level and the 100 hourly simple moving average. To the upside, there are two key bearish trend lines formed with resistance at $96 and $102 on the hourly chart of ETH/USD. Therefore, an upside correction is likely to face a lot of selling interest near the $90, $95 and $96 levels.
Looking at the chart, ETH price is about to test the $80 level. It seems like the price may continue to move down and it could even test $75 or $70.
Hourly MACD – The MACD is placed heavily in the bearish zone.
Hourly RSI – The RSI is currently positioned in the oversold area near 15.
Major Support Level – $75
Major Resistance Level – $96
The post Ethereum Price Analysis: ETH/USD Nosedives Below $90, What’s Next? appeared first on NewsBTC.
A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.
Blockchain 101 · Crytpo Currency Market
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange