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24 November 2018 14:20
The price of Ether remains in a strong downward trend against the US dollar and bitcoin. ETH / USD may correct higher, but it is likely to be close to $ 127.00 and $ 130.00.
Key points
The price of Ether found support close to $ 120.00 and started a short-term rebound against the US dollar.
ETH / USD broke a bearish link trend line with resistance to $ 123.00 on the hourly chart of Eth / USD.
ETH / BTC extended losses and traded below the 0.0285BTC support level.
Technically, the hourly chart indicators are slowly recovering in bearish territory.
Price analysis of the ether
Recently, there was another support test of $ 120.00 in ETH / USD. Buyers defended further losses and the pair started a short-term correction above $ 121.00 and $ 122.00 levels.
ETH / BTC is currently under much pressure below the 0.0300BTC support. The pair recently broke the 0.0285BTC support and traded towards the 0.0280BTC level. On the upside, the resistances are at 0.0288BTC and 0.0292BTC.
Starting with the ETH / USD time table, the pair probably formed a double bottom model near the $ 120.00 level. Ether started a short-term correction and surpassed the $ 122.00 level and a bearish trendline, with a resistance of $ 123.00.
The recent recovery was positive, as there was a break above the Fibonacci retracement level of 23.6% in the last slide from $ 139.00 upwards to $ 118.99 below . However, the upward move was limited by the resistance area of $ 127.00.
No resistance test of $ 130.00 and 50% retracement level of Fibonacci were performed on the last slide. For Ether buyers, an adequate close above $ 127.00 and short-term resistance of $ 130.00 is required.
On the downside, initial support is close to the $ 122.00 level and an uptrend line. If the price of Ether dropped below the support of $ 122.00, the price could decline towards the main support close to $ 120.00.
Turning to the 6-hour chart of Eth / USD, the pair appears to be following a declining channel with resistance at $ 128.00 and support close to $ 118.00. In the short term, the price may correct higher towards $ 127.00 and $ 130.00, but a bullish break at $ 140.00 is very unlikely.
Important resistance levels
$ 127.00 and $ 130.00
Important support levels
$ 120.00 and $ 115.00
Now RSI
The RSI is still well below the 50 level.
Now MACD
The MACD shows negative signs in the bearish zone.
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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