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Ether's price has dropped significantly and has broken key supports against the US dollar. The ETH / USD could decline further if it breaks the support of $ 365.00
The highlights
The price of Ether broke the important support at $ 400.00 and decreased dramatically against of the US dollar.
A crucial bearish trendline is active with the current resistance to $ 410.00 on the 2-hour chart of Eth / USD
ETH / BTC has extended losses and is getting closer to support 0 , 0550BTC.
Technically, the 12-hour chart indicators are accelerating declines in bearish territory.
Analysis of the prices of the ether
Yesterday we discussed a positive structure and a possible bullish break above $ 410.0 in ETH / USD. However, the pair failed to settle above $ 409.00-410.00 and suffered a sharp decline.
There was also an increase in sales pressure on ETH / BTC below the 0.0580BTC pivot level. The pair broke the 0.0570BTC support and is currently heading towards 0.0550BTC.
We start with the 2-hour chart of the Ethics / USD to understand the recent waste and rejection. The pair attempted to close above a crucial bearish trendline and $ 410.00, but buyers failed to gain momentum. This caused a sharp drop in Ether and the price broke the important support for $ 400.00.
Two large bearish candles formed and the price shifted below the $ 385.00 support. It has traded at a new low of several months to $ 365.73 and is currently at risk of further losses.
If the price was higher, damaged media at $ 372.00 and $ 385.00 could prevent gains. The most important resistance is $ 400.00 (previous support).
Turning to the 12-hour chart of Eth / USD, the pair suffered a lot of selling pressure after breaking the $ 400.00 support. It seems that the price is currently at the fifth and last wave from $ 515.09.
Immediate support is close to $ 365.00, below which the price will most likely test $ 350.00. The $ 350.00-360.00 support zone has great significance since Ether formed a major fund in March-April 2018 before bouncing back towards $ 800.00.
Therefore, there may be variations in the range above $ 350.00-360.00 before the Ether price goes towards $ 400.00 or $ 350.00.
Important Strength Levels
$ 372.00 and $ 385.00
Important Levels of Support
$ 360.00 and $ 350.00
12-Hour RSI
L & # 39; RSI is moving to level 25.
12- hour 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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