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FxWirePro: ETH/USD hits fresh 2018 low, bias bearish

Thu, 06 Sep 2018, 12:19 pm UTC

(Refer ETH/USD chart on Trading View)

ETH/USD fell to a fresh 2018 low of 211 levels on Thursday, continuing the downtrend seen since yesterday.

The fall comes amid wider weakness in the cryptocurrency market as a whole. Ethereum price is down by over 28 percent so far this week.

The pair is trading at 225 levels at the time of writing, forming a doji pattern on the daily chart (Coinbase).

On the top side, the pair is likely to face resistance at 235 (1h 21-EMA) and a break above would see it testing 264 (5-DMA)/286 (21-EMA)/300.

On the downside, the pair appears to have found support near 215 (113% extension of 515.88 and 250.28) and further weakness would drag the pair to 200/178/150.

Bias has turned bearish on the daily chart with RSI at oversold levels, stochs biased sharply lower, and MACD on the verge of a bearish crossover. That said, the current doji formation suggests bulls might be trying to sustain the pair’s strength above 200.

Watch out for a break below 200 levels for further bearishness in the pair.

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  • Binod
  • 2018.09.13 07:14:02
Hello Shampa , what you mean by "The word "levels" is used as sometimes the decimal part of the value of omitted" ? Could you please explain that in simple English?
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  • shampa
  • 2018.09.12 11:35:44
Comment deleted by user
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  • Binod
  • 2018.09.11 06:41:59
Hello writer, a good journalistic ethics is to reply with a 'Thank you', if someone helps you to correct your 'English' and save you from embracement. First, I saw you only changed a few things after my suggestions. However, it is funny to see you did stick to the word 'levels'. Leave this, even after applying for the newsletters, I am getting only one weekly, which I am less interested in and can read anywhere on google. I will be glad if you send me other newsletters.
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  • shampa
  • 2018.09.12 11:39:27
Hello Binod,
Thank you for your suggestions.
The word "levels" is used as sometimes the decimal part of the value of omitted.
Regarding newsletter, we will soon start sending it on a daily basis.
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  • Binod
  • 2018.09.07 04:52:05
Won't the lede be - ETH/USD fell to a fresh 2018 low of $211 on Thursday, continuing its downtrend seen since yesterday. The pair is trading XX percent lower/higher at $225 at the time of writing. And you have written 'levels' so many times - actually if you see it is only one level and not 'levels'.
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  • Bitcoin (BTC) $8,664.49 (+7.51%)
  • Ethereum (ETH) $266.48 (+5.65%)
  • XRP (XRP) $0.409200 (+5.69%)
  • Bitcoin Cash (BCH) $432.61 (+6.36%)
  • Litecoin (LTC) $111.03 (+8.12%)
  • Bitcoin (BTC) $8,664.49 (+7.51%)
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