Ethereum Price Analysis: ETH Loses Key Level Following 14% Daily Crash

Ethereum Price Analysis: ETH Loses Key Level Following 14% Daily Crash

ETH/USD – Ether Falls Out Of Narrow Price Channel

Key Support Levels: $3,577, $3,437, $3,250.
Key Resistance Levels: $4,000, $4,205, $4,373.

Ethereum is down by a sharp 14% over the past 24-hours as the coin drops beneath $4,000 and breaks below the narrow ascending price channel. It was trading inside this channel since the last week of April as it hit a new all-time high of $4,373 yesterday, where it found the resistance at the upper boundary of the channel.

Today, a steep decline in BTC caused ETH to drop quite significantly. It started toward the end of yesterday’s candle, which caused it to close around $3,800 (.236 Fib). Today, the price fall continues as ETH dropped beneath the price channel to hit a low of $3,577. It has since bounced back above $3,600, but the break of the channel is quite significant.

ETH/USD. Source: Bitstamp

ETH-USD Short Term Price Prediction

Looking ahead, the first support lies at today’s low of $3,577. This is followed by $3,437 (.382 Fib), $3,250 (20-days MA0, $3,150 (.5 Fib), and $3,000.

On the other side, the first resistance now lies at $4,000. This is followed by $4,205 (1.414 Fib Extension), $4,373 (ATH), and $4,535 (1.618 Fib Extension).

The RSI was showing hints of bearish divergence before the large sell-off. Interestingly, it still remains above 60. This indicates that there is still weak bullish momentum within the market, and the bears have still not taken over.

ETH/BTC – Bulls Struggle To Close Above 0.077 BTC.

Key Support Levels: 0.075 BTC, 0.0724 BTC, 0.07 BTC.
Key Resistance Levels: 0.077 BTC, 0.08 BTC, 0.0838 BTC.

Against bitcoin, Ether is also trading in an ascending price channel and has not broken to the downside. Yesterday, ETH surged as high as 0.08 BTC but struggled to close the daily candle above resistance at 0.077 BTC (1.414 Fib Extension).

Today, ETH dropped slightly and is now trading at 0.0753 BTC.

ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, the first support lies at 0.075 BTC (lower boundary of the channel). Beneath the channel, added support lies at 0.0724 (.236 Fib), 0.07 BTC, 0.0677 BTC (.382 Fib), and 0.0638 BTC (.5 Fib).

On the other side, the first strong resistance lies at 0.077 BTC (1.414 Fib Extension). This is followed by 0.08 BTC, 0.0838 BTC (1.618 Fib Extension), 0.0866 BTC (1.414 Fib Extension – blue), and 0.09 BTC.

The RSI is still strongly in the bulls’ favor here – although it is starting to point lower. If it continues to head lower, the bullish momentum will start to decrease and might lead to a short-term retracement.


Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

WP Twitter Auto Publish Powered By :

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.