Key Highlights Ethereum price after trading as low as $7.36 corrected higher, but failed to break a major resistance area of $9.00. There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which acted as a barrier for an upside break. As long as ETH is below the trend line resistance, there is a chance of a downside move back towards $7.50. Ethereum price correction phase is likely over. It looks like ETH/USD is setting up for another decline back towards the last low of $7.36. Ethereum Price Remains a Sell? Ethereum price ETH continued to face selling pressure, as it attempted a corrective rally against the US Dollar but failed to gain momentum. ETH/USD traded higher towards the $9.00 levels, where it found a bearish trend line…
Key Highlights Ethereum price moved sharply down this past week and my forecasted target of the $8.0 level was tested. I was looking for a target of $8.00 for a suggested sell trade, which was achieved successfully. There are a couple of bearish trend lines formed on the hourly chart (data feed via Kraken) of ETH/USD, which may now act as a resistance in the near term. Ethereum price tumbled recently, and traded towards $8.0. It was a perfect sell, and it looks like the bulls may be exhausted. Ethereum Price Downside Move Ethereum price ETH was down and out, as there was a sharp downside move towards the $8.00 support area. I mentioned in my previous analysis that there is a chance of a decline in ETH/USD due to the technical indicators. It was a perfect sell,…
Key Highlights Ethereum price continued to trade down and even broke this week’s low to test the $9.90 area. My idea of selling for the last two times worked perfectly, as the highlighted resistance area near the 100 hourly simple moving average played well. Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD is still in play and may continue to act as a hurdle for the bulls. Ethereum price traded further down and broke yesterday’s low. Can losses extend or ETH/USD could manage to correct higher in the short term? Ethereum Price Sell Target Achieved Ethereum price ETH was under a lot of bearish pressure intraday against the US Dollar, and my suggested idea of selling near the 100 hourly simple moving average worked…
Key Highlights Ethereum price started to recover after trading as low as $10.02, but facing sellers near the 100 hourly simple moving average. There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD as well, which is near the 100 SMA to increase the importance of resistance. If the trend line resistance and 100 SMA holds, a move down once more is possible Ethereum price managed to gain a few points, but struggled to break 100 SMA. Can the bulls manage to break it and take ETH/USD higher? Ethereum Price Confluence Resistance Area Ethereum price ETH showed a few positive signs during the past couple of sessions, but ETH bulls faced a tough time to break a confluence resistance area near $11.00-10. There is a bearish trend line…
Key Highlights Ethereum price weakened further and moved down against the US Dollar to trade near $10.00. I highlighted a resistance zone yesterday, which played well and ignited further losses in ETH. There is now a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a resistance. Ethereum price faced a lot of selling pressure and moved down. However, the $10.00 support area holds the key and may produce a bounce. Ethereum Price – Trend line break possible? As mentioned, Ethereum price failed to recover yesterday, and continued to move down against the US Dollar. A new weekly low of $10.00 was formed, which provided support to ETH/USD. The price is currently making an attempt to trade higher, but facing resistance…