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November 15, 2018 16:12
The price of Ether has fallen heavily against the US dollar and bitcoin. ETH / USD is now at risk of further losses of less than $ 170.00 and $ 165.00 in the near future.
Key points
The price of Ether dropped significantly below $ 200.00 and $ 180.00 compared to the US dollar.
ETH / USD broke a bullish trend line with support for $ 198.00 on the daily chart.
ETH / BTC tested the 0.0300BTC support and subsequently recovered above 0.0310BTC.
Technically, the indicators of the daily chart have declined sharply in bearish territory.
Price analysis of the ether
Yesterday we witnessed a crucial downside break below $ 207.00 and $ 200.00 in ETH / USD. Later, the pair declined significantly and traded below $ 198.00, $ 185.00 and $ 180.00 support levels.
ETH / BTC also dropped sharply below 0.0310BTC and tested 0.0300BTC support. Subsequently, the pair recovered and moved above the 0.0310BTC level; it is currently undergoing consolidation.
Starting with the daily chart of ETH / USD, the pair clearly did not exceed the resistance of $ 225.00 and a downtrend line. The result was a sharp decline and Ether traded below support levels of $ 210.00 and $ 200.00.
More importantly, the sellers pushed the price below an important uptrend line with support for $ 198.00, opening the door to further declines. In addition, the price fell below the Fibonacci retracement level of 61.8 percent of the last major hike, from $ 167.73 down to $ 254.66 at the top.
The next key support will be close to the current year low at $ 167.73, below which the price could slide towards $ 160.00. If Ether sellers will remain in mid-term action, the price may fall to $ 150.00 or the Fibonacci extension level to 1.366 of the last major rise to $ 145.00.
Coming down to the 2-hour chart of Eth / USD, the pair is forming a bearish continuation pattern, with resistance close to $ 175.00. To rebound in the short term, the price must exceed the resistances of $ 175.00, $ 180.00 and $ 185.00.
Overall, it seems that Ether's price has completed a correction wave from the last $ 167.73 low to $ 254.66. It's back down and could extend declines below $ 167.00 and $ 160.00 in the coming days.
Important resistance levels
$ 180.00 and $ 185.00
Important support levels
$ 165.00 and $ 160.00
Daily RSI
The RSI is moving lower towards level 30.
Daily MACD
The MACD is gaining strength 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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