- ETH/USD remains depressed while keeping downside break of five-week-old support line.
- Bearish MACD suggests another attempt to break 50-day EMA support.
- Monthly horizontal line adds to the upside barrier.
ETH/USD extends the previous day’s downside momentum to 574.11, down over 1.0%, during early Thursday. The crypto major took a U-turn from the horizontal area including an early-month high on Wednesday before declining below an ascending trend line from November 15. However, a 50-day EMA triggered the pair’s bounce that couldn’t last beyond 594.00.
Following that, ETH/USD drops back below the stated support line, now resistance, amid bearish MACD, which in turn suggests further weakness.
As a result, Ethereum sellers are targeting a 50-day EMA level of 550.88 by press time before eyeing the monthly low near 530.30.
During the quote’s further weakness past-530.30, the 500 threshold and late-November bottom around 480.00 will be in the spotlight.
On the flip side, a clear break above the immediate resistance line, previous support, at 585 now, needs to cross the horizontal area with an upper end of 638.50
In a case where the ETH/USD bulls manage to cross 638.50 on a daily closing basis, it should be a cakewalk for the optimists to refresh the monthly peak surrounding 677.00.
ETH/USD daily chart
Additional important levels
|Today last price||575.24|
|Today Daily Change||-9.87|
|Today Daily Change %||-1.69%|
|Today daily open||585.11|
|Previous Daily High||638.75|
|Previous Daily Low||551.45|
|Previous Weekly High||677.05|
|Previous Weekly Low||563.79|
|Previous Monthly High||623.22|
|Previous Monthly Low||370.5|
|Daily Fibonacci 38.2%||584.8|
|Daily Fibonacci 61.8%||605.4|
|Daily Pivot Point S1||544.79|
|Daily Pivot Point S2||504.47|
|Daily Pivot Point S3||457.49|
|Daily Pivot Point R1||632.09|
|Daily Pivot Point R2||679.07|
|Daily Pivot Point R3||719.39|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.