Ethereum Price Technical Analysis 03/28/2016 – Can ETH Break $11.00? – The Basics about Cryptocurrency

  • Ethereum price continued its downside slide this past week, and looks like under bearish pressure in the short term.
  • There is a descending channel pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which may act as a catalyst for a downside move.
  • ETH/USD may trade down towards $10.00 in the short term if the bulls fail to break the $11.00 resistance area.

Ethereum price after trading towards $10.00-10 recovered. However, ETH/USD is now below a major resistance area of $11.00 that can be a sell zone.

Ethereum Price – 100 SMA as Resistance

Ethereum price recently struggled to trade with a positive tone, and as a result, there was a downside move taking ETH/USD towards $10.00-10. The price looks like under a bearish pressure, which could result in more losses in the near future.

There is a descending channel pattern formed on the hourly chart (data feed via Kraken), which is acting as a catalyst for the price. On the upside, the channel resistance area is coinciding with the 100 simple moving average. So, it means the $11.00 area is a major resistance for ETH/USD and the price may struggle to break it. It can also be seen as a sell zone and one might consider selling near it. In that situation, a stop should be an hourly close above the 100 SMA.

On the downside, the last low of $10.10 can be seen as a short term support. A break below it may call for a test of $10.00, which holds the key for ETH/USD in the near term.

Hourly MACD – The MACD just changed the slope to bullish, which means the price could trade near the channel resistance area.

Hourly RSI – The RSI is just above the 50 level, calling for a minor upside moving ahead.

Intraday Support Level – $10.10

Intraday Resistance Level – $11.00

Charts courtesy of Kraken via Trading View