{"id":369430,"date":"2019-01-28T04:08:52","date_gmt":"2019-01-28T04:08:52","guid":{"rendered":"https:\/\/wncen.com\/?p=369430"},"modified":"2024-06-11T13:07:12","modified_gmt":"2024-06-11T13:07:12","slug":"ethereum-price-analysis-eth-breaks-down-turned-sell-on-rallies","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-price-analysis-eth-breaks-down-turned-sell-on-rallies\/","title":{"rendered":"Ethereum Price Analysis: ETH Breaks Down, Turned Sell on Rallies"},"content":{"rendered":"<ul>\n<li>ETH price traded below the $114 and $112 supports levels to move into a bearish zone against the US Dollar.<\/li>\n<li>There is a major bearish trend line formed with resistance at $112 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair may correct higher a few points, but it likely to face sellers near the $112 or $114 level.<\/li>\n<\/ul>\n<p><em>Ethereum price made a sharp bearish turn against the US Dollar and bitcoin. ETH\/USD is now trading in a bearish zone and it could continue to move down towards $104.<\/em><\/p>\n<h2>Ethereum Price Analysis<\/h2>\n<p>In the weekly analysis, we discussed the <a href=\"https:\/\/wncen.com\/2019\/01\/27\/ethereum-price-weekly-analysis-eths-next-crucial-break-is-near\/\" target=\"_blank\" rel=\"noopener \">next possible break<\/a> in ETH price either above $120 or below $114 against the US Dollar. The ETH\/USD pair failed to gain momentum above the $116 and $118 resistance levels. As a result, there was a bearish reaction below the $114 support. The pair even broke the $112 support and traded well below the 100 hourly simple moving average. The decline was such that the price even traded below the $110 level and formed a new low near $109.<\/p>\n<p>At the moment, the price is consolidating losses near $110, with a bearish angle. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $117 high to $109 low. More importantly, there is a <a href=\"https:\/\/wncen.com\/2019\/01\/25\/ethereum-price-analysis-eth-relatively-muted-next-move-finally-coming\/\" target=\"_blank\" rel=\"noopener \">major bearish trend line<\/a> formed with resistance at $112 on the hourly chart of ETH\/USD. It won\u2019t be easy for buyers to clear the trend line resistance and $112. The next hurdle is near the $113 level. It coincides with the 50% Fib retracement level of the recent decline from the $117 high to $109 low.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-369431\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-22.png?resize=1828%2C869\" alt=\"Ethereum Price Analysis ETH Chart\" width=\"1828\" height=\"869\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-22.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-22.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-22.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-22.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-22.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-22.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-22.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-22.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-22.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Ethereum-22.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a>, ETH price is clearly trading in a bearish zone below the $114 and $112 levels. If there is an upside correction, the price is likely to face a lot of sellers near $112, $113 and $114.<\/p>\n<h2>ETH Technical Indicators<\/h2>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is now placed heavily in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is currently placed in the oversold area, but with no major sign of a recovery.<\/p>\n<p>Major Support Level \u2013 $104<\/p>\n<p>Major Resistance Level \u2013 $112<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ETH price traded below the $114 and $112 supports levels to move into a bearish zone against the US Dollar. There is a major bearish trend line formed with resistance at $112 on the hourly chart of ETH\/USD (data feed via Kraken). The pair may correct higher a few points, but it likely to face sellers near the $112 or $114 level. Ethereum price made a sharp bearish turn against the US Dollar and bitcoin. ETH\/USD is now trading in a bearish zone and it could continue to move down towards $104. Ethereum Price Analysis In the weekly analysis, we discussed the next possible break in ETH price either above $120 or below $114 against the US Dollar. The ETH\/USD pair failed to gain momentum above the $116 and $118 resistance levels. As a result, there was a bearish reaction below the $114 support. The pair even broke the $112 support and traded well below the 100 hourly simple moving average. The decline was such that the price even traded below the $110 level and formed a new low near $109. At the moment, the price is consolidating losses near $110, with a bearish angle. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $117 high to $109 low. More importantly, there is a major bearish trend line formed with resistance at $112 on the hourly chart of ETH\/USD. It won\u2019t be easy for buyers to clear the trend line resistance and $112. The next hurdle is near the $113 level. It coincides with the 50% Fib retracement level of the recent decline from the $117 high to $109 low. Looking at the chart, ETH price is clearly trading in a bearish zone below the $114 and $112 levels. If there is an upside correction, the price is likely to face a lot of sellers near $112, $113 and $114. ETH Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is now placed heavily in the bearish zone. Hourly RSI &#8211; The RSI for ETH\/USD is currently placed in the oversold area, but with no major sign of a recovery. Major Support Level \u2013 $104 Major Resistance Level \u2013 $112<\/p>\n","protected":false},"author":67,"featured_media":344601,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8323,1946],"class_list":["post-369430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\n<title>Ethereum Price Analysis: ETH Breaks Down, Turned Sell on Rallies<\/title>\n<meta name=\"description\" content=\"Ethereum price made a sharp bearish turn against the US Dollar and bitcoin. 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