- ETH/USD bounces off 50-day SMA, keeps trend line breakdown amid bearish MACD.
- Descending RSI exerts additional downside pressure, bears await confirmation.
- Multiple upside hurdles around $1,720 stand tall to test recovery moves.
Having conquered a two-month-old support line, now resistance, Ethererum bears are catching breather around $1,520 during the early Friday’s trading. In doing so, the ETH/USD pair bounces off 50-day SMA.
Even so, bearish MACD and downward sloping RSI line favor the sellers targeting $1,200. Though, a sustained break below the 50-day SMA level of $1,495 becomes necessary for the ETH/USD sellers.
In a case where the altcoin fall extends below $1,200, the late January lows near $1,040 and the $1,000 psychological magnet will be the key to watch.
Meanwhile, corrective pullback beyond the previous support line, at $1,590 now, will have to cross a horizontal area comprising multiple levels marked since February 05, near $1,710, to recall the ETH/USD buyers.
Following that the mid-month high around $1,880 and the $2,000 round-figure can off intermediate halts before directing the bulls to the record top of $2,041.
ETH/USD daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||1517.53|
|Today Daily Change||-107.77|
|Today Daily Change %||-6.63%|
|Today daily open||1625.3|
|Previous Daily High||1714|
|Previous Daily Low||1500.28|
|Previous Weekly High||1974.98|
|Previous Weekly Low||1659.93|
|Previous Monthly High||1477.3|
|Previous Monthly Low||715.22|
|Daily Fibonacci 38.2%||1632.36|
|Daily Fibonacci 61.8%||1581.92|
|Daily Pivot Point S1||1512.39|
|Daily Pivot Point S2||1399.47|
|Daily Pivot Point S3||1298.67|
|Daily Pivot Point R1||1726.11|
|Daily Pivot Point R2||1826.91|
|Daily Pivot Point R3||1939.83|
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