Ethereum Technical Analysis: Now seems poised to test sub-100 level
• Crypto market suffered another round of a large sell-off on Tuesday, dragging Ethereum (ETH/USD) to an intraday low level of 124.25 - the lowest since May 2017.
• Near-term oversold conditions helped the digital currency to bounce off lows, tough the technical set-up points to an extension of the well-established bearish trend.
• Given last week's bearish breakthrough a consolidative trading range, a sustained weakness below the $200 mark was seen as a key trigger for bearish traders.
• A follow-through selling below July 2017 lows has now set the stage for a test of a descending trend-line support - extending from lows set in late Dec. 2017, April and Sept. 2018.
Ethereum weekly chart
ETH/USD
Overview:
Last Price: 132.66
Daily change: -1.5e+3 pips
Daily change: -10.5%
Daily Open: 148.15
Trends:
Daily SMA20: 197.77
Daily SMA50: 204.99
Daily SMA100: 227.85
Daily SMA200: 378.57
Levels:
Daily High: 177.53
Daily Low: 144.94
Weekly High: 213.44
Weekly Low: 168.54
Monthly High: 235.43
Monthly Low: 186.8
Daily Fibonacci 38.2%: 157.39
Daily Fibonacci 61.8%: 165.08
Daily Pivot Point S1: 136.21
Daily Pivot Point S2: 124.28
Daily Pivot Point S3: 103.62
Daily Pivot Point R1: 168.81
Daily Pivot Point R2: 189.46
Daily Pivot Point R3: 201.4
Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
