Technical analysis of Ethereum price Friday, February 23, 2018

The price of Ethereum today, Friday, February 23, 2018, reports an increase of 4.92%, bringing the price of the ETH to the line of $ 870.

 Key points in today’s analysis
  • The price of ETH faced high selling pressure recently and fell below $ 810 against the US dollar.
  • The main bearish trend line highlighted yesterday with the current resistance at $ 820 is intact on the ETH / USD hourly chart.
  • The pair can correct some points in the short term, but remains in a bearish trend below $ 840.
  • The price of Ethereum extended losses against the US dollar and Bitcoin. ETH / USD dropped to $ 776 and is currently being corrected more towards barriers.

Ethereum price resistance

There was no significant upward movement in the ETH price above the $ 860 level against the US dollar. The price struggled to correct more and a downward movement began below the $ 840 level. He refused and broke a couple of support levels like $ 810 and $ 800. He was trading at only $ 776 from where a start was made. minor upward correction. However, the price may face many upward barriers on the way to $ 810.

It has moved above the 23.6% retracement level of the last decline from the high of $ 858 to $ 776 low. However, there is a great resistance near $ 810-820. More importantly, the main bearish trend line highlighted yesterday with the current resistance at $ 820 is intact on the ETH / USD time chart. The resistance of the trend line is close to the 50% Fibonacci retracement level of the last decline, from the maximum of $ 858 to the minimum of $ 776. Therefore, if the price is corrected beyond current levels , could face sellers near the $ 820 and $ 825 levels. Above $ 825, the next big barrier for buyers is $ 840.

 

 

On the downside, the recent minimum of $ 776 is a key intraday support. If the price does not stay above $ 776, then you could accelerate the decreases to the $ 750 level.

Important indicators

  • MACD per hour: the MACD is gaining speed in the bearish zone.
  • RSI per hour: the RSI is being corrected higher, but without a large bullish sign.
  • Main support level: $ 776
  • Highest resistance level – $ 825

Analysis for informational purposes, do not claim to be an investment advice. Each person is responsible for creating their own analysis.