Analysis of the price of Ethereum (ETH) 01/14/2019


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Key points

  • The price of Ethereum (ETH) was further reduced and broke the support area of ​​$ 121 against the US dollar.
  • There are two bearish trend lines formed with resistance close to $ 121 on the ETH / USD hourly chart (data through Kraken).
  • The pair can correct more in the short term, but it is still a sale close to the $ 120 and $ 121 levels.

The price of Ethereum extended the losses and decreased below the key supports against the US dollar and bitcoin. ETH / USD can continue dropping and could even try handling $ 100.

Price analysis of Ethereum (ETH)

In the weekly analysis, we analyzed the key support of $ 120 and $ 121 for the price of Ethereum (ETH) against the US dollar. The ETH / USD pair struggled to stay above the $ 121 support and then fell sharply. It broke the support levels of $ 121 and $ 120 to test the next support at $ 114. It formed a minimum around the $ 113.45 level and the price is currently being corrected higher. An initial obstacle is the Fibonacci retracement level of 23.6% from the recent decrease from the maximum of $ 128 to the minimum of $ 113.

If there is a break above the levels of $ 117 and $ 118, the price can be traded towards the area of ​​$ 120-121. The declared zone of $ 120-121 was a previous support and can now avoid gains. More importantly, there are two bearish trend lines formed with resistance close to $ 121 on the ETH / USD hourly chart. In addition, the Fibonacci retracement level of 50% of the recent decrease from the maximum of $ 128 to $ 113 is $ 121. Therefore, if the price is corrected higher towards the levels of $ 120 and $ 121, I could find a strong selling interest. Above $ 121 and trend lines, the price could recover towards the 100-hour simple moving average.

Looking at the graph, the price of ETH is under a lot of pressure below $ 121 and $ 128. If the sellers remain in action, the price will probably slide towards the levels of $ 105 or $ 100.

MACD per hour: the MACD for ETH / USD is about to move towards the upside, without lack of momentum.

RSI per hour: the RSI for ETH / USD is currently recovering above level 30, but the general bias remains bearish.

Higher support level – $ 113

Highest resistance level – $ 121

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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .

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