Ethereum Price Technical Analysis 04/06/2016 – Trend Overwhelmingly Negative
Ethereum price faced a lot of selling pressure and moved down. However, the $10.00 support area holds the key and may produce a bounce. As mentioned, Ethereum price failed to recover yesterday, and continued to move down against the US Dollar. A new weekly low of $10.00 was formed, which provided support to ETH/USD. The price is currently making an attempt to trade higher, but facing resistance near a bearish trend line formed on the hourly chart (data feed via Kraken). However, ETH has already moved above the 23.6% Fib retracement level of the last leg from the $11.90 high to $10.00 low.....
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Ethereum price recovered a few points, but found sellers once again. ETH/USD is now below $12.00, which is a bearish sign. Key Highlights. Ethereum price continued to trade down against the US Dollar and remained in a downtrend. There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a downside mover for the price. The price remained under a lot of pressure, which poses a threat of more losses in the short term. Ethereum Price Downtrend. There was no relief for the ETH buyers, as Ethereum price remained in a downtrend versus the US....
Key Highlights. Litecoin price failed to move lower and looks like setting up for a downside move. There is a bearish trend line on the 2-hours chart (price feed from Bitfinex), i.e. acting as a catalyst for the downside move. The price settled below the 100 simple moving average (2-hours), which is a bearish signal in the short term. Litecoin price is in a bearish trend as there is a massive resistance around $3.20-30, which is resulting in a downside reaction. Retest of Lows? We stated time and again that there is a major resistance forming around $3.20-30 in Litecoin price. It looks....
Key Highlights. Litecoin's price tried to recover from losses, but a bearish trend line formed on the hourly chart (data feed from Bitfinex) preventing the upside move. If the price fails to head higher, then a move back towards the last swing low of $3.27 is possible. There are many bearish signs emerging, which suggests that it won't be easy for buyers to take the price higher. Litecoin prices looks set for yet another break, as the price is forming an interesting breakout pattern on the hourly chart. Can buyers break the trend line resistance area? Litecoin price faced a tough time....
Ethereum price is looking negative for today. If the trend line resistance holds, ETH/USD may move down and trade near $8.25. Ethereum price ETH managed to move higher once again yesterday, but faced offers near the $9.10-20 resistance area. Yesterday, I highlighted a bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD, and suggested a buy if the price moves above it. There was no upside break, but on the other hand, the price moved down after testing trend line resistance. The most important point is that ETH failed near the 50% Fib retracement level of the last drop....
Ethereum price recent correction looks impressive. However, ETH/USD needs to clear 100 hourly SMA to gain further strength. Ethereum Price – Can Trend Line Hold? Ethereum price ETH finally showed some signs of life and moved higher after trading towards $7.00. There was a nice upside reaction, but the price found offers near the 100 hourly simple moving average. There was no proper hourly close above the 100 SMA, which can be seen as a concern for the ETH bulls. Moreover, the price failed to break the $8.00 resistance area as well, which is another negative sign. However, there is a hope....