November 14, 2018 4:16 PM
Ether’s price declined heavily below important supports against the US dollar and bitcoin. ETH/USD fell below the $192.00 and $195.00 support levels in the short term.
Ether’s price traded below the key $207.00 support and declined sharply against the US dollar.
ETH/USD tumbled below a key bullish trendline with support at $208.00 on the 6-hour chart.
ETH/BTC extended losses and broke the 0.0325BTC support level.
Technically, the 2-hour chart indicators are accelerating lower in the bearish territory.
Ether Price Analysis
Yesterday, we discussed that there could be an extended decline below the $207.00 support in ETH/USD. The pair failed to surpass the $212.00 and $213.00 resistances and declined sharply below $208.00 and $207.00.
ETH/BTC also faced an increased selling pressure below the 0.0330BTC level and it failed to stay above the key 0.0325BTC support. The pair traded below the 0.0320BTC level to move back in a bearish zone.
Looking at the 6-hour chart of ETH/USD, the pair topped at $223.86 and started a major downward move. It followed a bearish trendline and traded below the $215.00 and $210.00 support levels. Sellers took control and pushed the price below the 50 percent Fibonacci retracement level of the last recovery from the $192.69 low to $223.86 high.
More importantly, the pair traded below a key bullish trendline with support at $208.00. It opened the gates for more losses and the price tumbled far below the key $207.00 support to move into a bearish zone.
The price is currently trading well below the $200.00 handle and the 76.4 percent Fibonacci retracement level of the last recovery. It then fell below additional supports at $198.00 and $195.00.
The price is currently trading below even the $192.70 swing low. The 2-hour chart of ETH/USD suggests that the recent downside break was crucial below $207.00.
The MACD is placed heavily in the bearish zone.
The RSI is about to reach the oversold levels.
Important Support Levels
$195.00 and $192.00
Important Resistance Levels
$205.00 and $207.00
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging. ETHNews is commited to its Editorial Policy
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