Technical analysis of the Ethereum price Friday, May 18, 2018

The Ethereum price moves below $ 680, reporting a loss of 2.85% since the last wave. The price remains under the influence of bears.

Highlights

  • The ETH price could not recover further and fell below the support of $ 690 against the US dollar.
  • There was a break below a rising channel with support at $ 690 on the ETH / USD time chart.
  • The pair was traded at a price as low as $ 656 and is currently correcting losses of $ 680.

The price of Ethereum is under pressure against the US dollar and Bitcoin. ETH / USD is now well below $ 700 and is still at risk of further losses.

Ethereum price resistance

Yesterday, there was a small upward movement above $ 700 in ETH price against the US dollar. However, the price was not able to move above the $ 720 resistance. It changed to $ 719.77 before a downward movement began. The price dropped sharply and moved below the support level of $ 700. The fall was strong as there was a close below $ 700 and the simple moving average of 100 hours.

More importantly, there was a break below an ascending channel with support at $ 690 on the ETH / USD time chart. The pair traded below the $ 670 level and formed a minimum of $ 656.16. It is currently consolidating losses above the $ 656 level. At this time, the Fibonacci retracement level of 23.6% of the last decline from the minimum of $ 719 to $ 656 minimum is acting as a resistance. However, there are many upside barriers close to $ 690. The established level of $ 690 was previous support, and now you are likely to avoid the advantages.

Looking at the chart, the 50% Fibonacci retracement level of the last decline, from the high of $ 719 to the low of $ 656 around $ 687, may well act as a strong obstacle. On the downside, the recent low of $ 656 is a short-term support, below which, the price can be negotiated towards $ 638 in the short term.

Technical indicators

  • MACD per hour: the MACD fell sharply in the bearish zone.
  • RSI per hour: the RSI is recovering from oversold levels.
  • Main support level: $ 656
  • Highest resistance level – $ 690