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Key points
- The ETH price failed to maintain key support of $ 88 and has recently depreciated against the US dollar.
- Yesterday's main contractual triangle was surpassed with a support of $ 88 on the ETH / USD time table (data feed via Kraken).
- The pair is likely to fall further and the positives will remain closed at around $ 90 and $ 92.
The price of Ethereum has recently extended losses against the US dollar and bitcoin. The ETH / USD may continue to fall and could even test the $ 80 support zone.
Price analysis of Ethereum
After forming a peak near the $ 98-100 zone, the ETH price started a bearish wave against the US dollar. The ETH / USD pair has declined and traded below the $ 95 support and the 100-hour simple moving average. It opened the door to further losses and the price recently broke the $ 92 and $ 90 support. The sellers kept control and even pushed the price below the $ 88 turnover level.
Furthermore, the main contractual triangle highlighted yesterday was surpassed with a support of $ 88 on the hourly chart of Eth / USD. The pair has just sold $ 85 and is currently consolidating losses. An initial resistance approaches the Fiber retracement level 23.6% of the recent decline from the high swing $ 99 to $ 85 low. However, the first major obstacle is close to the $ 91 level and 100-hour SMA. Above $ 91, the triangle resistance trend line is positioned at $ 93. An intermediate resistance is the 50% Fibra retracement level of the recent decline from $ 99 to $ 85 low.
Looking at the chart, the ETH price is clearly facing a lot of obstacles starting at $ 91 and up to $ 93. A convincing close above the $ 93 level is needed for a good recovery. Otherwise, the price could break the minimum swing of $ 85 and could even try $ 80.
MACD time – The MACD is slightly positioned in the bullish zone.
RSI timetable – The RSI is currently positioned just below level 50.
Main support level: $ 80
Main resistance level: $ 93
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