Key HighlightsETH price failed to recover and declined below the $150 level declined against the US Dollar.There is a short term bearish trend line in place with resistance at $150 on the hourly chart of ETH/USD (data feed via Kraken).The pair traded to multi month low and it could continue to move down below $140.Ethereum price fell sharply against the US Dollar and bitcoin. ETH/USD broke the $150 support and it is currently consolidating losses.Ethereum Price AnalysisYesterday, we saw a major decline below $175 in ETH price against the US Dollar. The ETH/USD pair broke the $179 and $175 support levels to start a fresh decline. Later, bitcoin price declined heavily and broke the $5,000 support. It increased bearish pressure on ETH and pushed it below the $165 and $160 support levels. More importantly, there was a break below $150 and the price settled below 100 hourly simple moving average.A new multi month low was formed at $142 and later the price started consolidating losses. It recovered a few points above the $145, but there are many hurdles on the upside. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $179 high to $142 low. Moreover, there is a short term bearish trend line in place with resistance at $150 on the hourly chart of ETH/USD. If there is a break above the $150 and $151 level, the price could correct towards $160. It represents the 50% Fib retracement level of the recent decline from the $179 high to $142 low.Looking at the chart, ETH price is trading in a nasty downtrend and it could decline further below the $142 low. The next major support is near $140, below which the price could trade to $125.Hourly MACD – The MACD is slowly moving back in the bullish zone.Hourly RSI – The RSI is currently attempting a recovery from the oversold area.Major Support Level – $140Major Resistance Level – $160
Latest Ethereum NewsIt’s a selling frenzy out there. Although we cannot exactly pin-point the cause of this massive sell off, analysts and market pundits are linking this to the protracted hash wars between Bitcoin Cash ABC and SV. It has a contagion effect on Bitcoin since they share the same hashing algorithm and with the former backed by Bitmain, the network difficulty of BTC is drooping dragging prices and ETH with it. That is one theory.1/ There is a big misconception that ICO companies have liquidated most of their ETH holdings. In today’s issue of Diar, we looked at all the publicly available ICO treasuries and analyzed the numbers. https://t.co/EryLsW9Ouj pic.twitter.com/j2DYajcwzQ— Larry Cermak (@lawmaster) September 10, 2018A more reasonable explanation is the recent report from Diar, a trusted newsletter detailing how ICO projects are dumping their ETH holdings further fueling bears. While it is true that any further drop could do an irreparable damage to the crypto ecosystem and pin down legit project development on the Ethereum ecosystem, it also true that miners are getting disillusioned as bear step up their momentum.Read: Ethereum Plunges 12%: Will ICOs Continue to Drag ETH Down?As all this is printing out, the ICO siege continues. ICOs are literally cut off from willing investors and now the SEC is cracking down on offerings they view as securities. Two such projects–CarrierEQ Inc. (Airfox) and Paragon Coin Inc have been penalized $250,000, directed to compensate victims and to register their “illegal” offerings under the Securities Exchange Act of 1934.Also Read: Tokens Plummet 15-20% following SEC’s Crackdown on ICOs, Dark Days AheadETH/USD Price AnalysisWeekly ChartAside from Bitcoin Cash (BCH/USD) and Cardano (ADA/USD), losses in ETH/USD are visible. The coin is down 29 percent in the last week and 14 percent in the last day as sellers step on the accelerator aiming their muzzles at $100 and probably $75 by the end of the year.Of course, that is the path investors don’t want to see. Nonetheless, notice that ETH/USD is trading within a bear breakout pattern following last week’s drop below the lower limit of our support zone at $160. Backing this move down are strong volumes and wide trade ranges triggering shorts in line with our last ETH/USD price analysis.Moving on, we suggest traders to align their position with the path of least resistance, unloading on every high unless of course there are strong gains above $160 and most importantly $200.Daily ChartThe steep losses are clear in the daily chart. Here, not only can we see the dips below $160 but the fact that there is a whole bear candlestick that is now below the main support level hint on underlying bear momentum. Everything else constant and assuming there is a panic sell by ETH rich list addresses, then we might see further supply feeding bears aiming at $130 and later $100.However, any supporting fundamentals more so from the team concerning scalability break through or cease fire from SV and ABC, then prices could recover above $160 as mentioned above. For now, our previous ETH/USD trade conditions are live and the path of least resistance is southwards.All Charts Courtesy of Trading ViewDisclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Key PointsBitcoin price is currently under pressure below the $5,500 resistance level against the US Dollar.There was a break below a key bullish trend line with support at $5,530 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is declining and it seems like it could break the $5,230 and $5,200 support levels.Bitcoin price is moving lower towards the last low against the US Dollar. BTC/USD could accelerate declines below if there is a break below the $5,200 support.Bitcoin Price AnalysisThe past few hours were pretty bearish because bitcoin price was rejected near $5,600 against the US Dollar. The BTC/USD pair started a fresh decline and traded below the $5,550 and $5,500 support levels. There was even a break below the $5,400 support and the 100 hourly simple moving average. It opened the doors for more losses towards the $5,230 and $5,200 levels.During the slide, there was a break below a key bullish trend line with support at $5,530 on the hourly chart of the BTC/USD pair. Later, the price traded below the $5,350 support and the 1.236 Fib extension level of the recent wave from the $5,414 low to $5,700 swing high. The current price action is super bearish and it seems like the price could even break the $5,206 low. An immediate support is $5,230 and the 1.618 Fib extension level of the recent wave from the $5,414 low to $5,700 swing high. If there are more losses, the price could even trade below the $5,200 support.Looking at the chart, bitcoin price is at a risk of a downside break below the $5,200 and $5,150 levels. There are even chances of a test of the $5,000 handle in the near term.Looking at the technical indicators:Hourly MACD – The MACD for BTC/USD is gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI is well below the 30 level.Major Support Level – $5,200Major Resistance Level – $5,500