Ethereum Price Analysis- Feb 7, 2019- ETH Price Dropped, Will The $100 Support Level Hold?

CoinSwitch | 07 February, 2019 | 2 min

#1 Key Highlights

  • It has tested the $100 price level twice and moved 3+% so far.
     
  • Stock-RSI and MACD indicator showing signs of upcoming bullish momentum.
     
  • Immediate resistance price level $120+ needs to be broken for bullish action.
     

#2 Chart Analysis

Ethereum trading at $100+ price level is 36+% down since mid of January'2019 price level.Looking at the ethereum trends on daily chart timeframe, it's quite bearish and in downward direction apparently.

ETH/USD (ethereum ticker) tested the $100 support level on 6th February'19 and moved 3+% up.

If we look at the ethereum price analysis today, then it has been testing the short-term downtrend line (red line) which needs to break to show signs of the bulls.Stoch-RSI is gaining momentum upwards which is a good sign. Along with it, MACD has been curving up and moving towards the bulls territory.

Ethereum has lots of hurdles to cross to support bullish momentum. It needs to cross long-term downtrend line (dotted line) followed by $120+ resistance level.

Bearish signs can't be ignored as well if we look at the ethereum technical analysis today. Firstly, it has tested 200-Day MA (moving average) on 6th January' 2019 but couldn't break it despite bullish ethereum news consisting of forks.

#3 Conclusion

Looking at ethereum technical analysis today, its difficult to conclude whether we see more downside or upside in the coming days. Mixed signs of Bulls, as well as Bears, is visible on the ethereum price analysis 2019.

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