November 14, 2018 16:16
The price of Ether has fallen sharply below major support against the US dollar and bitcoin. ETH / USD fell below support levels of $ 192.00 and $ 195.00 in the short term.
The price of Ether was traded below the key support of $ 207.00 and fell sharply against the US dollar.
ETH / USD fell below an uptrend line with support for $ 208.00 on the 6-hour chart.
ETH / BTC extended losses and broke the 0.0325BTC support level.
Technically, the 2-hour chart indicators are accelerating downward into the bearish territory.
Price analysis of the ether
Yesterday we discussed that there could be a sustained decline below the support of $ 207.00 in ETH / USD. The pair failed to overcome resistance from $ 212.00 and $ 213.00 and suffered a sharp drop below $ 208.00 and $ 207.00.
ETH / BTC also faced an increase in selling pressure below the 0.0330BTC level and failed to stay above the 0.0325BTC key support. The pair traded below the 0.0320BTC level to go back to a bearish zone.
Looking at the 6-hour chart of Eth / USD, the pair surpassed $ 223.86 and started a big bearish move. He followed a bearish trend line and traded below support levels of $ 215.00 and $ 210.00. The sellers took control and pushed the price below the 50% Fibonacci retracement level of the last recovery from $ 192.69 down to $ 223.86 at the top.
More importantly, the pair traded below an uptrend line with support for $ 208.00. He opened the gates for further losses and the price plummeted far below the key support of $ 207.00 to move into a bearish zone.
The price is currently trading well below the $ 200.00 handle and the Fibonacci retracement level of 76.4% of the last recovery. Then it fell below the additional supports for $ 198.00 and $ 195.00.
The price is currently trading below even the minimum of $ 192.70. The 2-hour chart of the Ethics / USD suggests that the recent bearish break was crucial under $ 207.00.
MACD at 2 hours
The MACD is heavily positioned in the bearish zone.
2 hours RSI
The RSI is going to reach oversold levels.
Important support levels
$ 195.00 and $ 192.00
Important resistance levels
$ 205.00 and $ 207.00
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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