Key Highlights
ETH price failed to recover above the $90 resistance and declined recently against the US Dollar.
There is a new connecting bearish trend line formed with resistance at $89 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to decline further below the $83 and $80 support levels in the near term.
Ethereum price declined further below key supports against the US Dollar and bitcoin. ETH/USD could accelerate losses if there is a break below $80.
Ethereum Price Analysis
Recently, there was a minor upside move above $88 and $90 in ETH price against the US Dollar. The ETH/USD pair tested the $90 resistance area and faced a solid selling interest. As a result, there was a bearish reaction and the price declined below the $87 and $85 support levels. There was also a close below the $87 level and the 100 hourly simple moving average.
A new intraday low was formed at $82.99 and it seems like the price may decline further. It is currently correcting higher above $85. An initial resistance is the 50% Fib retracement level of the recent decline from the $90 high to $83 low. Moreover, there is a new connecting bearish trend line formed with resistance at $89 on the hourly chart of ETH/USD. An intermediate resistance is the 61.8% Fib retracement level of the recent decline from the $90 high to $83 low. It seems like there is a cluster of resistances formed between $88 and $90. Therefore, as long as the price is below $90, it may continue to decline.
Ethereum Price Analysis ETH Chart
Looking at the chart, ETH price could even break the $83 support level. The next key support is at $80, below which the price will most likely accelerate towards the $75 level.
Hourly MACD – The MACD is now back in the bearish zone.
Hourly RSI – The RSI is currently well below the 50 level and heading towards 30.
Major Support Level – $80
Major Resistance Level – $90
Refr:
NewsBtc
Source
Plagiarism is the copying & pasting of others work without giving credit to the original author or artist. Plagiarized posts are considered spam.
Spam is discouraged by the community, and may result in action from the cheetah bot.
More information and tips on sharing content.
If you believe this comment is in error, please contact us in #disputes on Discord
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.newsbtc.com/2018/12/14/ethereum-price-analysis-eth-could-extend-losses-below-80/
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you so much for sharing this amazing post with us!
Have you heard about Partiko? It’s a really convenient mobile app for Steem! With Partiko, you can easily see what’s going on in the Steem community, make posts and comments (no beneficiary cut forever!), and always stayed connected with your followers via push notification!
Partiko also rewards you with Partiko Points (3000 Partiko Point bonus when you first use it!), and Partiko Points can be converted into Steem tokens. You can earn Partiko Points easily by making posts and comments using Partiko.
We also noticed that your Steem Power is low. We will be very happy to delegate 15 Steem Power to you once you have made a post using Partiko! With more Steem Power, you can make more posts and comments, and earn more rewards!
If that all sounds interesting, you can:
Thank you so much for reading this message!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @algdz11! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit