The Ethereum price today, Wednesday, March 7, 2018, reports a 7.37% retracement, dragging the price below $ 750.
Key points in the analysis
- The price of ETH declined and was negotiated below the support level of $ 828 against the US dollar.
There is an important downtrend line that is formed with a resistance of $ 818 on the ETH / USD time chart. - The pair is currently correcting higher, but is likely to face sellers near the $ 815 and $ 818 levels.
- The price of Ethereum is under renewed pressure of sale against the US dollar and Bitcoin. It is likely that ETH / USD will remain in a bearish zone when it becomes a sale.
Ethereum price analysis
There was no significant bullish movement above $ 830 in ETH price against the US dollar. Conversely, there was an increase in selling pressure and the price moved below a main support to $ 828. It lit more losses and the price even moved below the $ 810 level. At this time, the price is trading well below the pivot level of $ 828 and the simple moving average of 100 hours.
The recent bass formed was $ 792 before the price started an upward correction. It has moved above the Fibonacci retracement level of 23.6% from the last fall from the low of $ 839 to low $ 792. However, there are many upside obstacles around the $ 820 level. A downtrend line with resistance is also forming at $ 818 on the ETH / USD time chart. In addition, the 50% retracement level of the last fall of the minimum of $ 839 to $ 792 is approximately of the $ 816 level. Therefore, it seems that the $ 816-818 levels are important barriers for buyers.
The chances of ETH not moving above the $ 818 level are high. On the downside, the recent low of $ 792 is short-term support. Below the $ 792 mentioned, the price may fall back to the level of $ 775.
Important technical indicators
- MACD per hour: the MACD is solid in the bearish zone.
- RSI per hour: the RSI is recovering, but it is well below level 50.
- Main support level: $ 792
- Higher resistance level - $ 818