Ethereum Gradual Correction but Downtrend Momentum Intact

Richard M Adrian by Richard M Adrian - 10:51 AM Nov 26, 2019
ethereum-gradual-correction-but-downtrend-momentum-intact

I used the following indicators in churning the following Ethereum analysis: Hourly MACD, which at the moment is losing momentum towards the bullish zone. Hourly RSI for ETH/USD pair which is presently beyond the 50% level and with several positive signs.  The major resistance level and the major support level are $155 and $142 respectively.

Ethereum is showing slight chances of an upside recovery against the US Dollar. Which further proves the third week of performing in sync with Bitcoin. The altcoin’s price could rise into a more bullish zone incase it breaks beyond the $155 resistance.

Ethereum Price Analysis

Ethereum hit a sharp decline on yesterday’s 24-hour chart and slightly below the $150 and $155 support levels against the US Dollar. Furthermore, Ethereum’s price floated for a while below the $155 pivot support and the100- hourly SMA.

The coin has been trading below the $140 support area but somehow settled at the $146 per ETH price point. Meanwhile, also formed a new multi-month low support around the $132 level. The price began an upward correction above the $138 as well as the $140 resistance levels.

Moreover, the coin breached yesterday's key bearish trend line near $145 on the hourly ETH/USD Pair chart. Additionally, the price would surge beyond the $150 level, but unfortunately struggled to climb beyond the 100-hourly simple moving average. Presently, Ethereum is trimming gains under the $150 level. On the other hand regarding Fib retracement. The altcoin broke below the 23.6% Fibonacci retracement level of the recent increase from a $132 low to a $152 high. 

A closer glance on the daily 24-hour chart could reveal a bullish flag pattern forming around the $150 level but with resistance. In case of an upside break beyond the next two support levels above $150, the price could retest the key downtrend point around $155. 

Nevertheless, for a strong recovery, a successful daily close beyond the $155 resistance is necessary.  Above the $155, the next major resistances are near $168 and $170. An initial support has however formed on the downside near the $144 support level. 

 

About The Author
Richard M Adrian

Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.

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