ethereum price, ethereum trading, ethereum technical analysis Ethereum Price Key Highlights Ethereum price has been in a steady downtrend against bitcoin, as the latter has enjoyed tremendous buying pressure in the past few weeks.
A descending trend line can be drawn to connect the latest highs of ethereum price action, and the Fib levels on the latest swing high and low are near this falling resistance area.
Ethereum price might be ready to resume its selloff after pulling up to the Fibonacci retracement levels on the short-term time frames.
Confluence Around 0.00200
The 0.00200 level looks like a prime resistance area where plenty of sell orders might be located. This is in line with the falling trend line and the 100 SMA, which has held as a dynamic resistance level in the past.
In addition, the 100 SMA is below the longer-term 200 SMA, confirming that the downtrend is set to carry on. A larger correction to the 200 SMA near the 61.8% Fib at 0.00214 might also be possible if the bounce is strong.
Stochastic is already indicating overbought conditions, which means that buyers are already feeling tired and ready to let sellers take over from here. This opens the possibility of a shallow pullback, possibly until the nearby area of interest at 0.00190. ethereum price, ethereum trading, ethereum technical analysis Meanwhile, RSI is on middle ground and still seems to be on the way up so there may be some buying pressure left for a higher retracement. Once stochastic makes its way back down, though, more sellers could hop in and push ethereum price to the previous lows at 0.00180.
Stronger momentum could lead to a downside break of these lows, possibly taking ethereum price down to as low as 0.00150. On the other hand, an unlikely upside break […]
