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23 November 2018 15:49
The price of Ether is subject to strong selling pressures against the US dollar and bitcoin. ETH / USD remains at risk of further losses below support levels of $ 120.00 and $ 118.00.
Key points
The price of Ether has failed to stay above $ 125.00 and has shrunk to a new low against the US dollar.
An ongoing bearish trend line with resistance to $ 126.00 on the 30-minute ETH / USD chart.
ETH / BTC decreased further and traded below support levels 0.0290BTC and 0.0285BTC.
Technically, 2-hour graphical indicators are accelerating downturns in bearish territory.
Price analysis of the ether
Yesterday we discussed that the ETH / USD could fall further below $ 125.00 and $ 124.00. The pair moved down, broke the support of $ 124.00 and sold off to a new low below the $ 120.00 support.
ETH / BTC also fell sharply and were traded below the 0.0290BTC support area. The decline was such that the price even dropped below the 0.0285BTC support. The next support is close to the 0.0280BTC level, which is a strong barrier for sellers.
Looking at the 2-hour chart of Eth / USD, the pair is following a significant bearish structure under the $ 140.00 support area. The pair fell below the last swing minimum of $ 124.00 and traded at a low of 2018 to $ 118.99.
The price has experienced an increase in selling pressure of less than $ 125.00 and the previous support close to $ 123.00 and $ 125.00 is currently causing a solid obstacle for buyers. There is also an important bearish trend line on the same chart, with resistance at $ 125.00.
There should be an upside break above the resistance of $ 125.00, there could be more gains in the short term. The next resistance is close to the $ 130.00 level and the Fibonacci retracement level of 23.6% from the recent decline from a minimum of $ 182.85 to a minimum of $ 118.99.
Turning to the 30-minute chart of Eth / USD, the pair is following a bearish trendline with resistance at $ 125.00 and $ 126.00. On the downside, initial support is $ 120.00, below which the price may fall below the $ 118.99 minimum.
Overall, Ether's price is at risk of further losses lower than the $ 120.00 support unless buyers push the price above the resistance from $ 125.00 and $ 130.00.
MACD at 2 hours
The MACD is gaining momentum in the bearish zone.
2 hours RSI
CSR is accelerating towards level 20.
Important support levels
$ 120.00 and $ 115.00
Important resistance levels
$ 125.00 and $ 130.00
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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