• 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

Trend: Bearish

Additional important levels

Overview
Today last price 575.24
Today Daily Change -9.87
Today Daily Change % -1.69%
Today daily open 585.11
 
Trends
Daily SMA20 599.36
Daily SMA50 544.81
Daily SMA100 458.21
Daily SMA200 386.22
 
Levels
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

 

 

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