USD/ETH – Ether Drops to $3000 Support
Key Support Levels: $2890, $2770, $2720. Key Resistance Levels are: $3200-3300, and $3350
Today, Ethereum plunged 11.5% and crashed to $3000. It had fallen to $4000 from the beginning of September and fell back to $3000 (.5 Fib Rtracement) last week. The support was boosted by a rising trend line, which allowed ETH to rebound over the course of the week.
It reached $3600 last week, but it rolled over Wednesday. ETH was back at support at the rising trendline and the 50-day MA of around $3280 by the weekend. Today it fell below the trend line and 50-day MA, reaching as low as $2920. Since then, it has bounced back from the low and is trying to hold above $3000.
The trend line break is significant because it signifies the end of a neckline with head and shoulders that could lead to ETH falling as low as $2600 (200 day MA).
Daily Chart ETH/USD Source: TradingView.
Prediction of the Short-Term Price for Ethereum and USD
The June highs are the strongest support and $2890 is the first. The next strong support is at $2770 (.786 fib), $2720 (10-day MA) and $2600 (20-day MA).
The first resistance is at $3200. The next resistance is $3300 (50-day MA), $3550 (20-day MA), 3350, and $3350.
The daily RSI has fallen below the midline, and it is at its lowest level since late August. This is a sign that bearish momentum has been growing.
ETH/BTC – ETH Falls Into July Highs
Key Support Levels: 0.0691 BTC, 0.068 BTC, 0.066 BTC. Key Resistance Levels : 0.07 BTC, 0.072 BTC, 0.066 BTC, 0.0733 BTC.
ETH has been struggling against BTC throughout September. The coin began the month at 0.0787 BTC, and then rolled over. ETH managed to hold the support at the 20 day MA of 0.072 BTC during the September market crash.
Last Friday, ETH fell below the 20-day MA to 0.072 BTC. Over the weekend, ETH dropped below a rising trend line to reach support at the 50 day MA yesterday at 0.07 BTC.
Today’s ETH decline was below the 50-day MA, which allowed it to reach the July highs of 0.0691 BTC.
Daily Chart ETH/BTC Source: TradingView.
Prediction of ETH-BTC’s Short Term Price
If the bears breach the July highs of 0.0691 BTC, then the first support is at 0.068 BTC. The next support is at 0.066 BTC, downside 1.272 Fib Extension, 0.066 BTC(.618 Fib &100-day MA) and 0.0632 BTC(downside 1.618 fib Extension).
The first resistance is at 0.07 BTC (50 day MA). The next resistance is 0.072 BTC, 0.0733 BTC August highs and 0.074 BTC (20 day MA) as well as 0.0765 BTC bearish.786 Fib.
Recent dips in the daily RSI have also indicated that the bears hold the market momentum.
Marla Brooks – Financial Analysis
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