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ETH/USD Declines Sharply Amid Profit Taking

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether charted a key downside break versus the US Dollar and Bitcoin. Let’s analyze ETH/USD and see if it can hold $80.00 or not in the near term.

Key Highlights

The ETH/USD pair failed to hold the $90.00 support area, sparking a sharp downside wave towards $80.00.
The $80.00 support area is holding losses since it is a strong weekly pivot.
The ETH/BTC performed poorly and was down by more than 18% towards 0.045BTC.

Technically, the 2-hour chart indicators turned sharply lower, suggesting a short-term bearish bias.

Ether Price Started a Correction?

On Tuesday morning, Ether got hit hard and depreciated against the US Dollar and Bitcoin. The main reason for a sharp decline in prices was Bitcoin’s rise. Almost all major cryptocurrencies like Ether, Dash, Ripple and Monero faced heavy selling pressure.

Ethereum ETH USD Forecast Chart

However, I consider this as only a short-term profit taking move, bearing in mind the recent upside run. The ETH/USD pair was down from $92.00 to well below $80.00 (as shown in the 2-hour chart), and ETH/BTC declined by more than 18% towards 0.045BTC.

In yesterday’s analysis, I mentioned that the $90.00 support holds a lot of importance for the current trend. The break below $90.00 was significant and ignited a sharp downside move.

The price even declined below $80.00 and traded as low as $78.74. However, the $80.00 support played its part well, as we all know it is a major weekly pivot. A close below it won’t be easy and is rather unlikely.

The price already began to recover from $80.00, though it seems like the profit taking phase is still upon us. On the upside, the same support at $90.00 may now act as a resistance. Moreover, there is a bearish trend line on the 30-min chart at $89.00.

Ether Price Technical Analysis Chart

An initial resistance is around the 50% Fibonacci retracement level of the last decline from the $93.00 high to $78.74 low is currently around $86.00.

Above $86.00, the trend line resistance is at $89.00, with the next to follow at $90.00. These resistances might play a crucial role in the near term.

I think the recent slide was much required, and we may see some ranging moves before the price makes the next move.

Important Resistance Levels

$89.00 and $90.00

Important Support Levels

$80.00 and $78.00

30-min RSI

The RSI is bouncing from the oversold levels.

30-min MACD

The MACD is showing a lot of bearish signs at the moment.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.