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November 18, 2018 2:41 PM
The price of Ether has returned in a significant downward trend against the US dollar and bitcoin. The ETH / USD is faced with higher resistance near $ 180.00 and $ 195.00.
Key points
The price of Ether remains below the resistance of $ 190.00 and $ 195.00 against the US dollar.
ETH / USD is forming a bearish continuation model with resistance to $ 178.00 on the 12-hour chart.
ETH / BTC is currently consolidating above the 0.0312BTC support level.
Technically, the 12-hour chart indicators are currently consolidating in the oversold area.
Weekly analysis of the price of the ether
Over the past four days, there have been heavy downward moves below $ 200.00 and $ 190.00 support in ETH / USD. The pair traded at $ 168.87 and is currently consolidating losses.
ETH / BTC started a bearish move and settled below the 0.0320BTC support. The pair is consolidating above the 0.0312BTC support and could extend the bearish moves below the 0.0310BTC level.
Let's start with the 12-hour chart of Eth / USD to understand the recent decline from a maximum of $ 223.86. The pair decreased by more than 20% and stabilized below support levels of $ 200.00 and $ 190.00.
The price was traded near the last low of 2018 and stood at a low of $ 168.87. Subsequently, the price started a short-term consolidation model above the $ 170.00 level, and faced with solid resistance near the $ 178.00 and $ 180.00 levels.
More importantly, there is a bearish continuation pattern with resistance at $ 178.00 on the same chart. The price of Ether is likely to touch the resistance of $ 180.00 and the Fibonacci retracement level of 23.6% of the last big downtrend from the $ 223.86 upward to $ 168.87 at the bottom .
If there was a bullish break above $ 180.00 and $ 182.00, the price could correct higher towards the $ 190.00 and $ 195.00 resistance levels. There is also a downtrend line formed, with resistance at $ 195.00 on the 2-hour chart of the Eth / USD.
The downside, with a bearish break below $ 172.00 and $ 170.00, supports, there could be heavy losses in Ether's price under the support of $ 165.00. The next key supports on the negative side are $ 160.00 and $ 150.00. The general price action is downward unless there is a daily close above $ 195.00.
Weekly resistance levels
$ 180.00 and $ 190.00
Weekly support levels
$ 172.00 and $ 165.00
12 hours of CSR
The RSI is currently flat near level 30.
MACD at 12 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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