19 November 2018 16:18
The price of Ether has plummeted to new annual lows against the US dollar. ETH / USD broke the support of $ 160.00 and it looks like it could even fall below $ 150.00.
Ether's price fell more than 10 percent and traded at a new 2018 low below $ 155.00 against the US dollar.
ETH / USD has stabilized below the key support at $ 172.00 and has shrunk significantly.
ETH / BTC broke the 0.0312BTC support level and traded near 0.0300BTC.
Technically, the 2-hour chart indicators are gaining momentum in the bearish zone.
Price analysis of the ether
In the weekly analysis, we discussed that there may be further declines in the ETH / USD below the support of $ 172.00. The pair has moved down and traded below support levels of $ 172.00, $ 170.00 and $ 165.00.
ETH / BTC also fell heavily and were traded below the 0.0312BTC support. The pair was traded near the 0.0300BTC support and is currently consolidating losses. The next downside key support waits at 0.0285BTC.
Looking at the 2-hour chart of Eth / USD, the pair has consolidated above the support of $ 172.00 for some sessions. Buyers tried a decent recovery, but they failed to gain ground above $ 180.00 and $ 182.00 resistance levels.
Finally, the sellers took over, with the result of a new downward surge below support levels of $ 172.00 and $ 170.00. Ether's price declined by more than 10 percent and traded at a low of 2018 to $ 152.89.
The current technical pattern reported on the same chart indicates a sharp increase in selling pressure of less than $ 170.00, with six red back-to-back candles. An initial upward resistance is close to the $ 156.00 level and a downward trendline on the 30-minute chart of Eth / USD.
Above $ 156.00, the next key resistance is close to the $ 160.00 level and the Fibonacci retracement level of 23.6 percent from the recent decline from $ 182.09 up to $ 152.89 down.
Conversely, if Ether buyers fail to contain losses below the $ 152.89 minimum, the price may fall further. Immediate support is $ 150.00, below which sellers will probably aim for $ 138.00 in the next sessions.
Important resistance levels
$ 156.00 and $ 160.00
Important support levels
$ 150.00 and $ 138.00
2 hours RSI
CSR is accelerating towards level 20.
MACD at 2 hours
The MACD is heavily positioned 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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