Filed Under:  Bitcoin Trading

Ethereum Price Technical Analysis – ETH/USD Extends Decline

1st November 2017   ·   0 Comments

 

Key Highlights

  • ETH price failed to hold an important support and traded towards $301 against the US Dollar.
  • Yesterday’s highlighted short-term bullish trend line with support at $305 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is currently holding the 100 hourly simple moving average at $300.80, but remains at risk.

Ethereum price started declining once again against the US Dollar and Bitcoin. ETH/USD might extend declines toward $299 or even $297.

Ethereum Price Trend

There was no upside break in ETH price above the $309 level against the US Dollar. The price started a downside move and broke the 23.6% Fib retracement level of the last wave up from the $290.98 low to $309.08 high. The downside wave was such that the price failed to hold an important support and traded towards $301. During the downside move, there was a break below yesterday’s highlighted short-term bullish trend line with support at $305 on the hourly chart of ETH/USD.

It opened the doors more declines and the price even cracked the $302 support to test the 100 hourly simple moving average. ETH is currently holding the 100 hourly simple moving average, but remains at risk of more losses toward $299 or even $297. The next important support is near the 50% Fib retracement level of the last wave up from the $290.98 low to $309.08 high at $299.99. A close below $299.99 could ignite a downside wave towards the next support at $297.00.

Ethereum Price Technical Analysis ETH USD

On the upside, the $305 level is now a resistance area. A close above $305 is required for a retest of $309. Overall, there can be more ranging moves below $309 before ETH/USD makes the next move.

Hourly MACD – The MACD is gaining pace in the bearish zone.

Hourly RSI – The RSI is now well below the 50 level and showing negative signs.

Major Support Level – $299

Major Resistance Level – $305

Charts courtesy – SimpleFX

Read more

Tags:  , , , , , ,

By

Readers Comments (0)





*

Click here to add Widgets

FOREX BONUSES & PROMOTIONS

instaforex- $3500 No Deposit Bonus

$3500 No Deposit Bonus

XM- $30 No Deposit Bonus

$30 No Deposit Bonus

$25 No Deposit Bonus

$25 No Deposit Bonus

$300 No Deposit Bonus

* $300 No Deposit Bonus

UFX Logo

* $50 No Deposit Bonus

fxgiants - $35 No Deposit Bonus

$25 No Deposit Bonus

IronFX -$35 No Deposit Bonus

$25 No Deposit Bonus

See All Bonuses