Ethereum Dips Below the Lower End of a Range


ETH/USD tumbled on Friday after it hit resistance at 162.15. The slide brought the price below 151.45, which acted as the lower end of a sideways range that’s been in place since September 24th. So, having in mind the downside exit out of that sideways path, we will adopt a bearish stance for now.

If the bears are willing to stay in the driver’s seat, then we may see extensions towards the low of May 1st, at around 138.00. The crypto could stop around there, or even rebound somewhat, but as long as it stays below the 151.45 zone, we would see decent chances for the bears to recharge and target the 138.00 zone again. If they are not willing to stop there this time around, a break lower may allow declines towards the 129.50 territory, which is the low of March 25th.

Looking at our short-term oscillators, the RSI stands below 30 and points down, while the MACD lies below both its zero and trigger lines, pointing south as well. Both indicators detect strong downside speed and corroborate our view for some further near-term declines.

On the upside, a break back above 162.15 may confirm the crypto’s return within the pre-discussed range and may pave the way towards the 171.65 barrier, marked by the inside swing low of November 19th, or the 177.00 zone, defined by the high of November 20th. Another break, above 177.00 may extend the recovery towards the high of November 17th, at around 185.00.

ETHUSD

 


 

JFDBANK.com - One-stop Multi-asset Experience for Trading and Investment Services

 


 

The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Group, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Group analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD Group prohibits the duplication or publication without explicit approval.

78% of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure: https://www.jfdbank.com/en/legal/risk-disclosure

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bears take over and draw a bloody moon

Cryptographer and computer scientist Nick Szabo, has presented in his Twitter account a study on the "risk-benefit" ratio of different assets. The study used a Sharpe Ratio over four years Hodl period.

More Bitcoin News

ETH/USD bears flip the bulls, target shifts to $5

Ethereum Classic is facing the ultimate correction following a massive bull-run that had it hit January highs around $12 from December lows at $3.41. The persuasive urge upwards has, however, ended in losses due to a lack of ...

More Ethereum Classic News

Ripple's CEO sees an era of IPO in cryptocurrency industry

Ripple's XRP, the third-largest digital asset with the current market value of $9.4 billion has lost over 5% in recent 24 hours and hit the low of $0.2136 on Friday. XRP/USD is moving within a clear bearish trend amid expanding volatility.

More Ripple News

The Crypto Sector in selloff mode searches a support zone

Most of the cryptocurrency sector accelerated the losses after breaking the neckline of support that was holding their prices. The selling pressure was in almost all digital assets.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast

BTC

ETH

XRP