Ethereum Latest Price Analysis- Feb 8, 2019- Moving Average (200H) Acting As A Strong Resistance, Will It Break?

CoinSwitch | 08 February, 2019 | 2 min

#1 Key Highlights

  • It has tested the 200-Hourly MA twice but couldn’t break.
  • Entered Ichimoku cloud of Hourly (1H) timeframe.
  • 200H Moving Average(MA) acting as immediate resistance.

#2 Chart Analysis

Ethereum trading at $106+ price level after $100 price level was reclaimed.

Looking at the ethereum trends on Hourly(1H) chart timeframe, it broke the ascending triangle pattern downward which is slightly bearish.

If we look at the ethereum price analysis today on hourly time-frame, it has been moving above 10H and 20H EMAs (Exponential Moving Average) which needs to hold for further bullish momentum.MACD is turning up but that doesn’t support strong bullish action ahead.

Bearish signs can't be ignored as well if we look at the ethereum technical analysis today.Stoch-RSI is moving in the overbought zone which might lead to a drop in price (2-3%). It needs to hold $102+ level to avoid further downside. There has been ethereum news stating that it might surge 200% in the coming days but it’s better to know bullish as well as bearish scenarios.

#3 Conclusion

Ethereum price analysis 2019 shows that we might range or juggle between $100-$120 level before making any significant move in an upward or downward direction.

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