Thursday, November 14, 2019

Ethereum (ETH) Recovering Nicely While Bitcoin Runs Into Resistance

  • Ethereum price is up more than 3% and recovering above $188 against the US Dollar.
  • There was a decent upside correction from the $180 support area.
  • There is a key bullish trend line forming with support near $186 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin is gaining momentum, but it is now trading near a crucial resistance at $9,100 (as discussed in the weekly forecast).

Ethereum price is recovering nicely above $188 versus the US Dollar, similar to bitcoin. ETH price might recover further towards $195 in the near term.

Ethereum Price Analysis

After a steady decline, Ethereum found support near the $180 level against the US Dollar. A decent support base was formed and ETH price started an upside correction above $182 (as discussed in the weekly forecast).

Moreover, there was a break above the key $186 and $188 resistance levels. The price even settled above the $186 pivot level and the 100 hourly simple moving average. It opened the doors for more gains above the $190 level.

A high was formed near $192 and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the recent wave from the $180 swing low to $192 high.

On the downside, there are many key supports for Ethereum near the $188 and $186 levels. Additionally, there is a key bullish trend line forming with support near $186 on the hourly chart of ETH/USD.

The 50% Fib retracement level of the recent wave from the $180 swing low to $192 high is also near the $186 level to provide support. Besides, the 100 hourly simple moving average is showing positive signs near the $186 level.

Therefore, the price remains well supported on the downside near the $188 and $186 levels. If the price fails to stay above the $186 support and the 100 hourly simple moving average, it could move back into a bearish zone.

On the upside, an immediate resistance is near the $192 level. However, the main resistance is near the $195 level, above which the price is likely to test the $200 resistance area in the near term.

Ethereum Price

Looking at the chart, Ethereum price is showing decent recovery signs above the $186 and $188 levels. Having said that, bitcoin is facing a strong resistance near $9,100. If BTC clears $9,100, there could be another upward move in ETH above the $192 and $195 resistance levels.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving into the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently well above the 50 level, with positive signs.

Major Support Level – $186

Major Resistance Level – $192

The post Ethereum (ETH) Recovering Nicely While Bitcoin Runs Into Resistance appeared first on NewsBTC.

Analysis: Ethereum (ETH) Recovering Nicely While Bitcoin Runs Into Resistance published by NewsBTC

- Advertisement -
- Advertisement -

Latest News

Bitcoin (BTC) Price Poised for Declines Unless It Breaks $9K

Bitcoin price is trading with a bearish angle below the $8,880 resistance against the US Dollar. The price is likely...

Crypto Market & Bitcoin Remains At Risk: LTC, BNB, BCH, TRX Analysis

The total crypto market cap is likely forming a bearish pattern below the $240.0B resistance. Bitcoin price is currently consolidating below the $8,880 and $9,000...

Ripple (XRP) Price Trading Near Make-or-Break Levels

Ripple price is facing a strong resistance near the $0.2740 and $0.2760 levels against the US dollar. The price is likely to continue lower unless...

Ethereum (ETH) Could Break Higher After Long Consolidation

Ethereum price seems to be consolidating for quite some time above $180 against the US Dollar. The price could start a strong upward move above...

Global Medical Imaging Market 2019-2023- Evolving Opportunities with Canon Inc. and Carestream Health Inc. | Technavio

LONDON--(BUSINESS WIRE)--#healthcare--The global medical imaging market size will grow by USD 9.55 billion during 2019-2023. This market report provides a detailed analysis of the...