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Ether's price has plummeted under key support against the US dollar and bitcoin. ETH / USD could extend the current downward trend towards the support zone $ 210.00
Key Points
Ether's price has stabilized below the support of $ 300.00 and dropped to $ 250 , 00 compared to the US dollar.
ETH / USD broke a crucial declining channel with resistance close to $ 280.00 on the 12-hour chart.
ETH / BTC fell by more than 12% and traded below the 0.0480BTC and 0.0450BTC media.
Technically, the 12-hour chart indicators are moving lower in the oversold region in the bearish territory.
Analysis of the prices of the ether
Yesterday we discussed the importance of the support area of $ 300.00 for ETH / USD. The pair failed to stay above the support area of $ 300.00-305.00, resulting in a sharp drop down below $ 280.00 and $ 260.00.
ETH / BTC also broke 0.0480BTC and 0.0450BTC support levels to record one of the biggest monthly losses in 2018. The next major support waits near the 0.0415BTC level.
We analyze the 12-hour chart of Eth / USD to understand the current downward trend from the low of $ 515.09. The pair broke a key uptrend line with support for $ 455.00 to establish a significant bearish trend. Later, the sellers of Ether managed to empty two important supports – $ 400.00 and $ 350.00.
The price dropped heavily and settled below the $ 300.00 support. More importantly, there was a break below a declining channel with support close to $ 265.00. A new annual minimum was formed at $ 250.77 before the price started a short-term rebound. On the upside, resistances are formed around $ 280.00 and $ 300.00.
Going down to the 2-hour chart of Eth / USD, the pair seems to consolidate losses above the $ 250.00 level. If the price of Ether were to break this level, there could be another downward wave to the $ 220.00 level.
However, the next major support and a possible reaction region is close to $ 200.00 to 2.10.00, which is the base formed in September 2017, before the price rose to January highs well over $ 1,000.
Overall, Ether remains in a significant downward trend. If buyers can not defend $ 250.00, the next stop for sellers will probably be close to $ 200.00-210.00.
Important Strength Levels
$ 280.00 and $ 300.00
Important Support Levels
$ 250.00 and $ 210.00
12-Hour RSI
L & # 39; RSI is currently well below the 30 level.
12 hours MACD
The MACD is gaining momentum in the bearish zone
Aayush has 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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