- ETH drops below the key support with -10.54% loss in the last 24 hours.
- A short on breakdown initiated in the area of $ 183.5 has increased towards the new support point of $ 155.30.
- In general, bearish sentiment predominates 92% of cryptocurrencies.
- The MarketCap has dropped -8.02% in the last 24 hours, representing a capital outflow of just over $20 billion.
Ethereum Price Analysis
Ethereum has been depreciating against the US Dollar throughout the month of August after failing to stay above the key zone of the $183.50 that was the foothold to stay within the symmetrical triangle projected in the short zone.
Ethereum began the month of August trying to break the Fibonacci retracement level of 38.2% at $239.50, and it managed to achieve it momentarily without problems on August 9, 2019.
Afterwards, ETH experienced a downward trajectory with a key resistance of $ 245, a value which it has been unable to reach since then.
The altcoin dragged low to stay in between the $ 227- $ 235 levels with a key support at $ 224.65. Since then, we have seen that ETH has not stopped generating new lower lows.
The hope of a possible breakage of the triangular pattern in the BitMex 1D chart was obfuscated by falling to levels below the $ 183.65 resistant zone, generating a downward squizz that broke the key support level of $172.10 as we have seen so far.
Now that we have high bearish sentiment and more bears attacking the market, we may experience further plunge in the movement of the altcoin with drift close to the area of $155.30, projecting high levels of Fibonacci and a continuity of strategy,
In the orders in short sales to obtain maximum benefits of up to double digits, close to 12.7% to the minimum limit of $ 150, established as our second objective in this strategy.
As regards ETH/BTC trade pair on the Binance 4H chart, tough resistance at 0.019 been tested 5 times and will like to see price break of that resistance with the possibilty of reclaiming it as a support. In case it can not achieve it, we could see an ETH descend to lower levels of 0.01756 as its key support.
ETH Technical Indicators
Hourly Aroon – The Aroon Indicator is presented for the ETH/USD bearish pair, with its red signal at the top of the chart, pointing out the bear’s dominance over the market.
Hourly RSI – The RSI for ETH / USD has left the oversold area slightly but still with bearish signs.
Major Support Level – $ 155.30
Major Resistance Level – $ 171.45