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20 November 2018 16:32
Ether's price declined compared to the US dollar and bitcoin. ETH / USD tested the support of $ 125.00 and subsequently started a short-term rebound.
Key points
The price of Ether dropped significantly and tested the key support area of $ 125.00 against the US dollar.
A large resistance area was formed near $ 145.00 on the 30-minute ETH / BTC chart.
ETH / BTC fell below the 0.0300BTC support level.
Technically, the 2-hour chart indicators are correcting higher than the oversold levels.
Price analysis of the ether
Yesterday we discussed the fact that if Ether buyers fail to keep losses below the minimum of $ 152.89, there may be other negative aspects. The pair has declined heavily in the last three sessions and has traded below $ 140.00 and $ 130.00 levels.
ETH / BTC also faced an increase in sales pressure and traded below the support level of 0.0300BTC. The next major support is at 0.0285BTC where buyers are likely to emerge.
Let's start with the 2-hour ETH / USD chart, which indicates a sharp decline from $ 182.06. The pair fell below the support of $ 172.00, a sharp decline below $ 150.00 and $ 140.00 support.
The Ether sellers even pushed the price below the $ 130.00 level before buyers emerged close to the $ 125.00 level. A new 2018 low was formed at $ 125.16 and thereafter the price started a short-term correction. It has exceeded the levels of $ 130.00 and $ 132.00.
In addition, the price has recovered above the Fibonacci retracement level of 23.6 percent from the recent decline from the low of $ 159.31 to $ 125.16 below. However, the price is approaching a crucial resistance near the levels of $ 145.00 and $ 150.00.
It is also a bearish trendline on the 30-minute chart, with a resistance close to $ 146.00 and the Fibonacci retracement level of 50% of the recent decline. Therefore, it will not be easy for buyers to push the price over $ 145.00-150.00.
Most likely a successful closing above $ 150.00 will open the doors for a prolonged rebound towards the $ 165.00 and $ 170.00 levels. On the other hand, if the price of Ether does not exceed the resistance zone of $ 145.00-150.00, it may decrease again.
Important resistance levels
$ 145.00 and $ 150.00
Important support levels
$ 130.00 and $ 125.00
2 hours RSI
The RSI is correcting higher from level 15.
MACD at 2 hours
The MACD is slowly reducing its downward slope.
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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